The Hindu : Andhra Pradesh / Hyderabad News : Maytas Properties’ SEZ begins operations

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Friday, Jul 18, 2008
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Andhra Pradesh

Andhra Pradesh - Hyderabad

Maytas Properties’ SEZ begins operations

Special Correspondent

HYDERABAD: Maytas Properties Ltd announced the formal launch of its first IT/ITeS special economic zone with Wells Fargo becoming the first company to hire space in the new facility.

Addressing a press conference here on Thursday, CEO of Maytas Properties Ltd K. Thiagarajan said that Wells Fargo signed up for 15,000 sq.ft of floor space, while the remaining 45,000 sq.ft in the incubation centre was up for grabs.

The first phase when completed would have 1.37 million sq. ft in two blocks.

The total SEZ would create a space of 8 million sq. ft with a provision for 80,000 employees to work.

Process zone

Mr. Thiagarajan disclosed that 90 per cent of the SEZ was process zone (earmarked for use by companies), for Maytas Properties was developing Maytas Hill County abutting the SEZ. The first phase would be complete by October-December 2009.

The company had raised US $ 150 million of private equity for four of its projects.

The township, in which the SEZ was a part, would be completed in 8-10 years. The company also secured two more SEZs -- 39 acres and 35 acres in Gundlapochampalli and Gopanapalli respectively -- to create 9 million sq. ft of space.

Green building

The first SEZ was a LEED Gold certified green building with a lot of eco-friendly concepts.

The company proposed to invest Rs. 2,500 crore in the first SEZ, said Sanjay Chawla, head, business development, of the company.

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