AIG Global Real Estate invests in Velankani Tech Park, Chennai

New Delhi – October 20, 2008 – An affiliate of AIG Global Real Estate today announced an investment in Velankani Tech Park, a part of the Bangalore-based Velankani Group. Velankani is developing a notified Special Economic Zone (SEZ) in Sriperumbudur, located approximately 50km from Chennai. The proposed development of 8.5 million sq. ft. is aimed to provide plug-and-play space for electronics hardware and telecom component manufacturers and IT/ITES companies. Velankani Tech Park is expected to house around 20-30 global component suppliers and will meet ready-to-move-in space requirements of vendors to telecom original equipment manufacturers & Electronic Manufacturing Services (EMS) giants looking to set-up operations in Sriperumbudur.

Kiron Shah, Director and Founding Member of Velankani Group, commented that the development is uniquely positioned and has a first mover advantage in the region. "The Velankani Tech Park is the only SEZ which will offer a plug & play facility in Sriperumbudur for companies and a seamless experience in commencing operations. Substantial effort has already gone into the conceptualization of the project over the last two years leading to commencement of development at the project site. All basic infrastructure will be provided by Velankani to meet tenant requirements including future expansion." He further added "AIG Global Real Estate brings tremendous experience in development of industrial parks worldwide and we are excited to partner with them. We will benefit from their global client relationships and hands on design and development expertise. This partnership is a starting point and we believe it will flourish and grow in the future."

Rajesh Agarwal, Managing Director, AIG Global Real Estate India, stated, "We are excited to partner with the Velankani Group and invest in a project that caters to an unfulfilled demand in the region. We look forward to strengthening and expanding this relationship with Velankani. This investment is a statement of AIG Global Real Estate's continued commitment to India and our investors, and we are looking forward to expanding its presence in India and building strong relationships with local partners and investing in attractive opportunities in the region."

Avista Advisory Group were advisors to the Velankani Group on this transaction.

Source : Equity Bulls

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