Ahmedabad, May 7 The Pune-based Vascon Engineers Limited has initiated construction of the state’s first Information Technology Enabled Services (ITES) SEZ at Sanathal village off the Sarkhej-Gandhinagar highway.
The project is being jointly developed by Vascon, Agrawal Estate Organisers of Gujarat and Pristine Properties of Pune at a cost of Three hundred fifty crore rupees. It will cover an area of twenty six acres and will be complete in a period of four years. However, the first phase will come up only by May 2009.
The project is estimated to create around 20,000 jobs. The developers claim that more than half a dozen IT companies have agreed to open their operations from this SEZ in the first phase, thereby providing employment to about six thousand people.
Vascon is chiefly involved in real estate and construction business and has only currently diversified in the development of IT parks in Pune. It prefers Ahmedabad for its SEZ after a NASSCOM survey showed the project would be successful in the city.
R Vasudevan, the company’s managing director told mediapersons on Wednesday that he was optimistic that Ahmedabad would appear as an IT hub as the state government has extended all kinds of support in bringing investment to the state.
He said the company’s plans include the construction of a hotel and shopping facilities to meet the demands of the customers as also enough parking spaces, adding that this was their first venture in western India outside Maharashtra.
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2 Comments
The First SEZ Policy of India came in to existence because the economic reforms promulgated and implemented in the early 1990s did not resulted in the overall growth of the Indian economy. The First SEZ Policy of India was drafted to act as a catalyst to fuel the economic earnest in the early 1990s. The economic reforms of 1990s did not produce desired results, especially the Indian manufacturing sector witnessed slump in the second-half of the decade. Bottlenecks like red tape, lengthy administrative procedures, rigid labor laws and poor physical infrastructural facilities had detrimental effects on the flow of Foreign Direct Investments (FDI). Further, the Indian markets were not mature enough to embrace Foreign Institutional Investors (FIIs) in the system. Furthermore, the legal framework of Indian economy was not binding enough to prevent overexploitation of Indian markets by the foreign investors. Thus, there was no congenial environment for investments in India in spite of implementation of liberal economic policy by the Government of India.
Hi Manish, this is a great opportunity for Gujarat to pick up the IT super highway from now. We have had mistakes made from past CMs. But now Mr. Modi is very clear on this. The area Sanathal is the fastest and rapid growing area for real estate development and investment. There are dozens of townships, IT Parks, Shopping malls, multiplexes coming up in this area.
We hope the best!