By IANS,
Hyderabad : Maytas Properties Ltd, a leading property development company, Thursday launched its first special economic zone (SEZ) for IT and IT enabled services (ITES) here.
The company will invest Rs.25 billion ($595 million) in the SEZ, which will be part of its flagship integrated township, Maytas Hill County, coming up on 376 acres. Spread over 74 acres, the SEZ will have a built-up area of eight million square feet.
K. Thiagarajan, CEO of Satyam Computer Services which promotes Maytas, told a news conference that the first phase with 1.3 million square feet would be ready for occupation by April next year. He also announced signing up first client, Wells Fargo Solutions, a wholly owned subsidiary of Wells Fargo and Company, US.
The SEZ, first of three SEZs planned by the company here, has been designed by the New York-based architect Skidmore Owings & Merrill (SOM), which designed world-class structures including Sears Towers, Chicago, Freedom Towers New York, and Burj in Dubai.
The entire SEZ and the integrated township are expected to be completed in four to five phases over next eight to 10 years.
The first phase of the integrated township will have three million square feet of residential space. It will comprise 326 villas and 840 apartments spread over 11 towers.
The company, promoted by family members of Ramalinga Raju, founder and chairman of Satyam, plans to build two more SEZs for IT/ITES, together spread over 75 acres of land and nine million square feet.