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ITPL frames $15 M expansion plan
Tuesday, 13 January 2004, 20:30 IST
BANGALORE: The International Technology Park Ltd (ITPL) here is expanding its facility with an investment of $15 million to meet the growing needs of the knowledge sector.
A new facility, christened Inventor, will be added to the park, a joint venture between a Singapore consortium, Tata Industries and the Karnataka government.
Spread over 69 acres in Whitefield on the outskirts of the state capital, the park currently comprises four hi-tech buildings -- Discoverer, Innovator, Creator and Explorer.
As a global technology hub, the park houses 106 multinationals and Indian firms and employs about 12,000 people.
The new structure, with a built-up area of 280,000 square feet, is expected to be equipped with a number of value-added facilities, including wireless fidelity (wi-fi).
Laying the foundation stone for the new facility, Karnataka Chief Minister Krishna lauded the partnership between India and Singapore. The park was a catalyst for the progress of Karnataka's IT sector, he said.
The promoters and partners have so far invested 
7 billion in the park.
The Singapore consortium led by Ascendas Land (International) Pte Ltd and the investment arm of the Tata Group hold 47 percent equity stake each, while the Karnataka Industrial Area Development Board of the state government holds the remaining 6 percent equity.
Speaking on the occasion, Singapore Deputy Prime Minister Lee Hsien Loong spoke of initial hiccups and delays faced by the mega project, including delayed clearances and other bottlenecks.
"Venturing abroad is never easy. We need to learn how to operate in a different culture and a different business environment," he remarked.
Tata Group chairman Ratan Tata said, "The expansion of the tech park is another milestone being achieved by the stakeholders. The park will continue to cater to the new economy, especially IT and biotech companies."
Terming ITPL as an excellent symbol of bilateral relations between the two countries, Lee said the park reflected the strong commitment of Singapore and India to foster trade, commercial, people and cultural exchanges.
Source: IANS
7 billion in the park.
The Singapore consortium led by Ascendas Land (International) Pte Ltd and the investment arm of the Tata Group hold 47 percent equity stake each, while the Karnataka Industrial Area Development Board of the state government holds the remaining 6 percent equity.
Speaking on the occasion, Singapore Deputy Prime Minister Lee Hsien Loong spoke of initial hiccups and delays faced by the mega project, including delayed clearances and other bottlenecks.
"Venturing abroad is never easy. We need to learn how to operate in a different culture and a different business environment," he remarked.
Tata Group chairman Ratan Tata said, "The expansion of the tech park is another milestone being achieved by the stakeholders. The park will continue to cater to the new economy, especially IT and biotech companies."
Terming ITPL as an excellent symbol of bilateral relations between the two countries, Lee said the park reflected the strong commitment of Singapore and India to foster trade, commercial, people and cultural exchanges.
Source: IANS
