Lulu Group plans to invest Rs 350 crore in Infoparktext_fields
Kochi: Lulu Group, which recently acquired the L&T park at Infopark Kochi, plans to invest Rs 350 crore to further build another nine lakh square feet of IT space.
The Lulu Group, owned by NRI businessman M A Yusuf Ali, had recently acquired the L&T Tech Park at Infopark campus for Rs 150 crore. The group is proposing a name change for L&T Tech Park as Lulu Tech Park Limited on ROC approval, a press release quoting Infopark CEO, Hrishikesh Nair, said.
Currently, L&T has a four lakh sqft IT building called Tejomaya in its 7.44 acre campus at Infopark.
"After the acquisition, Lulu group is proposing an investment of Rs 350 crore to build another nine lakh sq ft of IT space at Infopark. Within a week, the group will be submitting the proposal before the Single Window Board and Ministry of Environment for clearances.
"The construction is expected to start by October 2015 after getting clearances. The project is expected to be completed within three years," he said.
The project, on completion, is expected to create an additional employment of 13,000 to 15,000.
The second phase of Infopark Kochi has been attracting major players and already six companies have signed deals to develop IT campuses in the 160-acre project.