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Elnet Technologies will
further increase its IT park space from the present 2.05 lakh
sq ft to about 4.50 lakh sq ft by mid-2006.
It has transferred the business development rights of 2.44
lakh sq ft facility that is yet to be developed to a wholly
owned subsidiary company-Elnet Software City- for a
consideration of Rs 16.9 crore.
“We have taken an in-principle decision to exploit the extra
floor space index that is available. A detailed business plan
will be drawn up in the next 15 days to a month’s time, based
on a market survey that we are doing. There is a huge demand
and supply gap for high quality space,” said a company
source.
He refused to divulge further details of the project
including the cost, design and market available saying that
these will be made available once the internal study is
complete.
Also, he pointed out that the decision to build to suit one
large customer or several small and medium businesses had not
been taken.
Elnet Technologies is a joint venture between Electronics
Corporation of Tamil Nadu, which holds the majority stake
with 89 per cent with New Era Investments holding the rest of
the equity.
Elnet built its first IT park in 1994 of 1.4 lakh sq ft space
on 3.34 acres in Taramani on the outskirts of Chennai at a
cost of Rs 13 crore. This facility was further augmented
recently by 65,000 sq ft, all of which has been taken by
Calsoft and Sify.
Elnet has also promoted a BPO park at Perungudi, through
another subsidiary called ETL Infrastructure Services in
which it holds a 26 per cent stake.
The decision to set up the wholly owned subsidiary was
approved by the members at the annual general meeting (AGM)
of the company held on May 7, 2005.
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