BRIGADE TO INVEST RS 1,000CR IN KERALA

Kochi
Financial Chronicle

Brigade Enterprises, leading developers headquartered in Bangalore, is entering Kerala market with a range of projects totalling about Rs 1000 crore in the next three years, starting with a Rs 160 crore IT special economic zone (SEZ) project here.

In the immediate future, the company would be investing about Rs 400 crore in the state for projects, including IT SEZ and retail.

The IT SEZ project will come up in a five acre land leased by the Infopark to Brigade for 99 years, company chairman and managing director, M R Jaishankar, said.

The six lakh square feet IT SEZ space will accomodate about 5,000 employees. The project is expected to be completed in about two years, he said adding the company was also in the process of negotiations with Bangalore based companies who are keen to operate from the SEZ.

When asked about the Kerala government's strict norms on the SEZ projects, he said the Infopark had received necessary clearances and Brigade was a co-developer of the project.

The company also has plans to start a Rs 150 crore luxury island resort at nearby Vaikom on international standards. About 17 acres of land had already been acquired. The 100 room resort will have luxury villas and cottages, work of which will start in early 2009 and compelete in 21 months.

Brigade is also exploring opportunities in Thiruvananthapuram, Kottayam and some residential villas, apartments and malls are being planned in Kochi, he said.

The company also had plans to set up IT SEZ projects at Mangalore and Mysore in 25 acres of land each. It was also entering other cities Hyderabad and Chennai.