Real estate development company Marg Limited is launching an integrated township project Marg Swarnabhoomi near Chennai.
To be built at an investment of $400 million on a 1000-acre plot in Cheyyur taluk, the project comprises two special economic zones (SEZ), commercial complexes and residential apartments, said G R K Reddy, chairman and managing director.
"In the first phase we will construct the SEZ for light engineering industries like aviation, auto component manufacturers and the like," said B G Menon, executive director, Marg Ltd. "It will be ready by 2010."
The project, promoted by New Chennai Township Private Limited, a wholly owned subsidiary, is expected to be completed by 2014.
The company is in talks with eight auto component manufacturers who have shown interest in taking space in the light engineering SEZ.
The other SEZ will be for companies in the services sector like information technology, hospital among others.According to K.Malmarugan, vice president, SEZ, the company has received all the approvals relating to this SEZ.
On the residential apartments Menon added that the houses will be affordably priced less than Rs.2000 per sq.ft.
According to Suresh Ramakrishnan, assistant vice president-Finance, the Marg Swarnabhoomi project will be funded through a mix of equity (Rs200 crore), debt (Rs400 crore) and lease rentals.
Till date Marg has invested around Rs85 crore as equity in the subsidiary. Rs65 crore has been spent towards purchase of land and the balance will be used for other purposes, Ramakrishnan added.
Marg hopes to earn around $1 billion from this project.
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