Embassy announces Rs. 15,000 Cr investments in Karnataka [July 2012]

Property developer EmbassyGroup signed a MoU and shared EoI (Expression of Interest) documents with the Government of Karnataka at the Global Investors Meet 2012, for the development of four mega projects in the State with a projected total investment of Rs. 15,000 crore. The projects will span the development of integrated IT parks for IT/ITES with commercial, residential and support facilities and a logistics park, which will mark Embassy Group’s strategic foray into the logistics and warehousing business.
Commenting on the development on the sidelines of GIM 2012, Jitendra Virwani, Chairman and Managing Director, Embassy Property said, “These projects envision the creation of workspace and infrastructure for close to 1 million people and can have a catalytic effect of creating another one million indirect jobs. The integrated parks will host infrastructure that can significantly help decongest the city as well as improve Karnataka’s contribution to the country’s export potential and international trade”.
While the integrated IT parks will come up in North Bangalore, the logistics park will be developed at Narsapur/Vembgal in the north eastern part of the city. Embassy has partnered with the Maini Group to form a joint venture, christened Embassy-Maini Logistics Bangalore Pvt. Ltd, for the development of this logistics park.

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