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News >> Technology >>
Dutch firm logs out of Cyberabad
By siliconindia staff writer
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Thursday, 13 May 2004, 19:30 IST
NEW DELHI: A day after Chandrababu Naidu vacated the Andhra hot seat, Dutch technology conglomerate Vanenburg Group BV has decided to exit its high-profile IT Park in Hyderabad. The mandate for the sell off has been handed out to Ernst and Young (E&Y), reports Economic Times.
Vanenburg, the erstwhile promoters of Baan Info Systems, is one of the largest European investors in IT in AP . It is learnt that bids for the proposed stake sale in Vanenburg IT park will be called for over the next few days. The IT park has been valued at about Rs 200-225 crore.
Several international majors as well as domestic real estate companies are said to have evinced interest in the project. The IT Park houses software development centres and BPO operations of several international blue chip companies. These include Accenture, Computer Associates, Motorola , Deloitte, Cognizant technology Solutions, C 3i and Cedar Technologies.
Sources said as per the sell off deal plans, the prospective acquirer will get an additional 50 acres of land for further development, besides the Park's four phases which are already under implementation. Though the reason for Vanenburg's decision to exit from its IT Park venture in India could not be ascertained immediately, sources familiar with the development said the Dutch major plans to invest the proceeds from the sale in its software development business.
The group is learnt to have been toying with the idea of exiting from the Park venture for some time now. Despite repeated attempts, Vanenburg IT Park head Mr S Ramanathan could not be contacted for his comments on the issue.