City-based real estate developer PS Group is setting up an IT park in Sri Lanka with an investment of $80.4 million.

The company has entered into a joint venture with Sri Lanka Institute of Technology and Infinity Parks Ltd, another city-based real estate company, to develop this project.
Mr. Pradip Chopra, chairman and managing director of PS Group, said, “This is our first international project and we feel there are lots of such opportunities in neighboring countries. This IT park project will provide direct and indirect employment to 20000 and 80000, respectively”.
PS Group will be developing 1.6 million square feet for the technology park for which the Sri Lanka Institute of Technology will provide 16 acres.
In the first phase, around 500 million square feet will be developed for the project, which is expected to attract around 20 to 50 companies.
The company has also tied up with a US-based hedge fund, which will be investing in their future projects.
Mr. Chopra said, “We have also been approached by Sampath Bank Ltd, one of the largest Sri Lankan banks to help develop their properties through similar joint ventures”.
In Chennai, the PS Group is developing a 4 lakh square feet residential project. It has also entered into joint ventures to develop 11.5 lakh square feet of retail space in Coimbatore and 9 lakh square feet of residential complex in the same city.
An IT special economic zone (SEZ) of 2.5 million square feet is also being planned in Chandigarh.
PS Group is involved in a service sector SEZ, which is being planned in collaboration with farmers at Hinjewadi, Pune. Mr. Chopra further said, “We are doing this project in collaboration with the farmers who will be stakeholders in the project in various ways. It is very difficult to repeat that model in Bengal as the land holdings are fragmented and the urban and agricultural land ceiling act makes it very difficult to follow such a model”.