Date:23/01/2006 URL: http://www.thehindubusinessline.com/2006/01/23/stories/2006012301491300.htm

Back Ascendas renames IT park at Madhapur; begins work on phase V

Our Bureau

Hyderabad, Jan. 22

BUSINESS space provider Ascendas India has announced the re-christening of its IT Park at Madhapur, Hyderabad as `The V' and inaugurated the Capella, which comprises phase 4 and is already fully occupied by IT companies.

With the completion of phase 4, adding 217,000 sq.ft to the previous 850,000 sq ft., Ascendas laid the foundation for phase 5, to create new space of 600,000 sq ft by April 2007. This will provide space for another 5,000 IT professionals.

The Governor, Mr Sushilkumar Shinde, unveiled the new logo and inaugurated phase 4 Capella while laying the foundation stone for the new block. The eight-floor Capella has been taken up by Computer Associates, Cognizant Technology Solutions, Manugistics and Conexant.

Ascendas India, also unveiled plans to double its overall capacity in India, with new ventures in Pune and Kolkata. In the last 10 years, it has achieved rapid strides in the IT parks in Bangalore, Hyderabad, and Chennai.

The phase V in Hyderabad would see an investment of around Rs 100 crore.

Mr Shinde said "Andhra Pradesh has made rapid strides in the field of IT and ITES, resulting in strong growth in the State's economy. IT parks like The V are just the right infrastructure support required to sustain this growth."

The Chief Executive Officer of Ascendas India, Mr Jonathan Yap, said, "To us, The V is not just an IT Park, but a reflection of what the State stands for. A vibrant and progressive State, taking the right initiatives to move on to the next level of growth."

He said so far about 4 million sq.ft of completed infrastructure has been created and this number would be doubled in two year. During fiscal 2006-07 at least 2.5 million sq. ft would be added. The company has invested up to Rs 1,500 crore in India so far.

Ascendas had acquired the five-year-old park in December 2004 from Dutch technology major Vanenburg Group. The 20-acre park houses Cognizant Technology Solutions, CA Computer Associates, SSA Global, Deloitte, Motorola, Manugistics and others.