Indian Firm to Set Up Major I.T. Park in Sri Lanka

An Information Technology (IT) Park will be setup in Sri Lanka by the Indian Real State major PS Group in a joint venture with the Sri Lanka Institute of Information Technology (SLIIT) and Infinity Park Ltd.

According to PS Group Chairman and Managing Director Pradip Chopra the company will invest $80.44 million for the project. The IT Park will be developed over an area of 1.6 million square feet and will provide employment to around 20,000 directly and 80,000 indirectly.

“This is a bold move by the company. The joint venture is a unique strategy that a company can adopt to move ahead in the market,” Mr. Chopra said.

In the first phase, around 500 million sq. ft will be developed for the project, which is expected to attract around 20 to 50 companies.

The company has also tied up with a US-based hedge fund, which will be investing in their future projects.

This is the first international project of the PS Group of India which has engaged in a large number of Joint Ventures in India recording 25 projects during the period of 2004 to 2006.

Source: Government of Sri Lanka

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