EMBASSY SIGNS DEAL TO BUILD IT PARK IN SERBIA

Bangalore
The Economic Times (Bangalore edition)

City-based property developer Embassy Group has signed a contract to build an IT park in Serbia, according to media reports in the Balkan nation. The deal with the local government in the northern town of Indija envisages an investment of about Rs 400 crore and the creation of 2,500 jobs, the state-run news agency Tanjug reported.

Construction would begin around September and companies would begin occupying the IT park from the mid-2009, the report quoted Indija’s municipal president as saying. The Indija municipality has given the Embassy Group a free 50-hectare parcel of land while the central government has committed to providing the necessary infrastructure. Embassy signed an MoU for the project with Serbia in 2007.

Investment in the IT park would increase to $600 million (Rs 2,570 crore) over the next five years, covering 220 hectares and employing 25,000.