PS Group Expands Internationally with Sri Lankan IT Park Project
Project Overview
City-based real estate developer PS Group is embarking on an ambitious international venture by establishing an IT park in Sri Lanka, with a substantial investment of $80.4 million. The company has strategically formed a joint venture with the Sri Lanka Institute of Technology and Infinity Parks Ltd to execute this groundbreaking project.
Project Details
- Total Development Area: 1.6 million square feet
- Land Provided By: Sri Lanka Institute of Technology (16 acres)
- First Phase Development: 500 million square feet
- Expected Company Attraction: 20 to 50 companies
Employment and Economic Impact
According to Mr. Pradip Chopra, chairman and managing director of PS Group, the project is expected to generate:
- Direct Employment: 20,000 jobs
- Indirect Employment: 80,000 jobs
Strategic Partnerships
- Tied up with a US-based hedge fund for future project investments
- Approached by Sampath Bank Ltd for potential property development collaborations
Other Ongoing Projects
Domestic Projects
- Chennai: 4 lakh square feet residential project
- Coimbatore: 11.5 lakh square feet retail space
- Coimbatore: 9 lakh square feet residential complex
- Chandigarh: 2.5 million square feet IT special economic zone (SEZ)
- Pune: Service sector SEZ in collaboration with farmers at Hinjewadi
Challenges and Future Outlook
Mr. Chopra highlighted the complexity of replicating their collaborative farmer engagement model in regions like Bengal, due to fragmented land holdings and urban-agricultural land ceiling regulations.