Kochi: Leveraging the impressive IT growth and investment climate at Infopark here, the Lulu Group has decided to invest Rs. 350 crores to further develop the L&T Tech Park which they recently acquired for Rs. 150 crores.
The Dubai based Lulu Group, owned by NRI businessman from Kerala, M A Yusuf Ali, has acquired the L&T Tech Park at Infopark campus. Lulu is proposing a name change for L&T Tech Park as Lulu Tech Park Limited on ROC approval.
Currently, L&T has a four lakh sq. ft. IT building called Tejomaya in its 7.44 acre campus at the Infopark campus in Kochi. L&T Tech Park Limited, a subsidiary company of Larsen & Toubro Urban Infrastructure Limited had developed Tejomaya as phase one of their project in Infopark. L&T Tech Park operated and maintained the facilities planned at Infopark, Kochi and provided its customers with complete infrastructure including e-connectivity.
“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, they will be submitting the proposal before the Single Window Board and Ministry of Environment (MoE) for clearances. The construction is expected to start by October 2015 after getting clearances. The project is expected to be completed within three years,” said Hrishikesh Nair, CEO of Infopark.
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.
LuLu Group International today is a highly diversified entity with operations spanning a vast geographical landscape. Spearheaded by the retail division, the Group has interests in Imports & Exports, Trading, Shipping, IT, Travel & Tourism and Education.
Kerala IT News