ICICI to market Crystal IT Park | india | Hindustan Times
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ICICI to market Crystal IT Park

THE MADHYA Pradesh Audyogik Kendra Vikas Nigam (MPAKVN) has roped in ICICI Bank Ltd in a bid to entice homegrown software giants to the sprawling IT and enabled services Special Economic Zone (SEZ), coming up at Khandwa Road. ?We have engaged the property services arm of ICICI Bank Ltd to market Crystal Park so that we can attract the right kind of investor,? revealed MPAKVN Managing Director Ashish Shrivastava.

india Updated: Jan 22, 2007 00:13 IST
Saeed Khan

THE MADHYA Pradesh Audyogik Kendra Vikas Nigam (MPAKVN) has roped in ICICI Bank Ltd in a bid to entice homegrown software giants to the sprawling IT and enabled services Special Economic Zone (SEZ), coming up at Khandwa Road.
“We have engaged the property services arm of ICICI Bank Ltd to market Crystal Park so that we can attract the right kind of investor,” revealed MPAKVN Managing Director Ashish Shrivastava.

The bankers, he says, will offer pointers on adopting an approach that would appeal to IT biggies and also assist in formulating tender documents and other paperwork.

“ICICI is the second largest lender in the country and they have a clear idea of the needs of big businesses. For instance, they suggested hiving Crystal Park into five parts - the two buildings and three open plots - so that big players are not constrained by a space crunch. And this is what we propose to do in SEZ tenders that will be invited shortly,” informed Shrivastava.

‘‘Although the RCC work is complete we’ve left out the finishing so that those moving in can create an environ of their choosing,’’ he added.

Spread over 7.99 hectares, the Crystal Park IT SEZ boasts two nearly complete buildings and an additional six blocks slated to come up later, making for total ground coverage of 23,970 sq metres including amenities.

Nigam bosses have made no secret of their desire to attract majors like TCS, Wipro and Infosys to the Park so as to showcase the State’s potential as a nascent IT hub.

Unfortunately, the enthusiasm hasn’t been reciprocated and most biggies stayed away during an earlier round of tendering for SEZ real estate.

Shrivastava, however, denies that the lukewarm response has prompted the Nigam to seek help from corporate real estate consultants.

“Hiring real estate consultants to market properties is standard operating procedure these days. Even the promoters of Treasure Island mall hired a private firm to sell floor space. Just because the MPAKVN sought out ICICI should not be construed as an admission of its failure to sell properties,” he declared.