Pune traverses up the IT highway

PUNE: It is boom time for software companies in Pune. The Rajiv Gandhi Infotech Park at Hinjewadi is readying itself for its fourth phase of expansion. According to information, the Maharashtra Industrial Corporation Limited (MIDC) is planning to acquire 300 hectares of land for the purpose, evaluation for which is already underway.

Sources also revealed that software majors Infosys and Wipro Technologies have requested for an additional 100 acres each to facilitate their expansion plan in Pune. Both the companies already have a major presence in the region.

Meanwhile, according to MIDC CEO Vidyadhar Kanade, acquisition of land for third phase of the project would be completed in the next three months. As part of the third phase plan, 91 acres of land has been handed over to The Chatterjee International Group (TCG) for development of a Biotech Park.

The Biotech Park is being developed as a joint venture project and a MoU for this has already been signed between MIDC and TCG. As per the agreement, MIDC will have a 12 percent stake in the joint venture project and will appoint two directors on the company's board. TCG has already given a Rs eight crore bank guarantee to the government of Maharashtra.

As per the plan, TCG will be constructing the common research and incubation facilities needed by smaller firms in biotech in its initial lifecycle. The company plans to invest Rs 280 crore in three phases by the end of 2011.