Kolkata real estate sees foreign interest
International Infrastructure Limited (IIL) has just received Rs.30 crore as direct investment from American based firm, New Vernon Private Equity. IIL is behind Globsyn Crystals, the latest infotech park in Kolkata that it jointly promotes with the Globsyn Group. The Infotech Park is the first in the country to have an attrition-free working environment. Development costs are expected to be Rs.100 crores with the project to be completed by September 2007.
New Vernon Private Equity has picked up a 50% stake in IIL and has plans to invest in all asset classes in India with a strong focus on realty in Kolkata. Key factors promoting Kolkata are political stability in W.Bengal, economic resurgence, low attrition rates and the saturation of other real estate markets.
By INRnews Correspondent
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