Nagpur: 18 January 2008 : In a historic decision, the Union cabinet on Thursday gave its approval to transfer of Dr Ambedkar International Airport to a joint venture company to be set up for development of multi-modal international passenger and cargo hub airport at Nagpur (Mihan). The transfer will pave way for speedy implementation of a dream project conceived over a decade ago but was languishing for want of political support.
   This is the first decision of its kind because unlike Mumbai and Delhi airports, which were trasferred to private companies involved in airport development, the Nagpur airport will be transferred to a new entity in which the state and the Central governments will have stakes. The transfer lease will be for 30 years.
   The cabinet while clearing the transfer also decided to refer the MIHAN project to a committee of secretaries for a financial assessment. The committee headed by the Cabinet secrfetary will comprise by chief secretyary of Maharashtra, finance secretary and secretary of civil aviation ministry, according to official sources. 
   "The decision of the Union cabinet came after Maharashtra government proposed to develop the Nagpur airport into a domestic and international passenger and cargo hub, primarily due to its geographical location that is best suited for the purpose. In a move that will encourage economic activity in Vidarbha region, the Cabinet approved the transfer to the JVC comprising Maharashtra Airport Development Company (MADC) and the Airports Authority of India (AAI)," information and broadcasting minister P R Dasmunsi told reporters in Delhi after the cabinet meeting.
   In the joint venture firm, the AAI which owns owns the airport at present would hold 49 per cent stake and MADC would have the remaining 51 per cent of equity. The Cabinet also approved AAI subscribing to Rs 4.9-crore capital in the JVC, which would have a total subscribed capital of Rs 10 crore.
   "A major obstacle is now cleared. It has now opened a new chapter and put more responsiblity on MADC and my team to implement the project," said MADC vice-chairman R C Sinha. Addressing newspersons in Nagpur on Thursday, Sinha said major credit for getting the aiport transfer done finally goes to city MP and Union minister of state for renewable energy Vilas Muttemwar as well as chief minister Vilasrao Deshmukh who is also chairman of MADC who worked tirelessly to get the matter expedited," added Sinha. He said it will take at least three months for formation of the JVC and handing over of the aiport.  

The construction work of Sahara City Homes, Nagpur located at Wardha Road and Indore Township located at Bicholi Mardana has already begun with a lot of zeal & fervor.  The development work has commenced in 29 cities across India in which the construction will begin in full swing within this financial year ending March 2008.

These two prestigious townships are a part of Sahara City Homes project, a chain of 217 self sufficient high quality townships to be built across the country. The renowned architect Hafeez Contractor has designed these townships introducing for the first time a fully air-conditioned township, which reflects an International standard of living. Residents will experience an exclusive lifestyle at par with International standards.

There are varied options available to choose from 1 to 5 bedrooms in the category of high-rise and mid-rise apartments, independent row houses, independent semi-detached houses, penthouses and independent bungalows.

Residents of Indore & Nagpur at Sahara City Homes Townships will enjoy modern amenities like: - A multi-specialty Sahara Hospital and  high-end secondary care facility, School with premium facilities, a grand and exclusive hotel with an inbuilt club and two well-equipped club and a Community Center within the township with the facilities of indoor & outdoor games, swimming pool, and fitness centre for aerobics, gymnasium, sauna and Jacuzzi, a modern shopping mall with a 3 screen multiplex with a seating capacity of  approx. 1000, Multilevel Security System with centralized control station, CCTV and quick response teams. Sahara City Homes also gives uninterrupted power supply with 100% back-up facility, availability of pure drinking water, 24 hr continuous satellite connectivity for television, video conferencing and wireless connectivity for broadband internet access inside & outside the houses. Every house would be provided with a computer free of cost to enable usage of broadband connectivity. This township will have its own fire tenders and critical care ambulances.

A Central Park will provide space and ambience in the heart of the township. The Central Park will be equipped with floodlights, with a wide range of sports facilities. Essential services like Convenience Stores, Banking, and Postal services etc. will be available within the township. A Service Center which would be just a call away, will take care of Plumbing, Electrical Repair and Taxi requirements. A combination of AC and Non-AC buses would provide ultra modern commuting facilities to key city locations as well as railway stations from early morning till night.

Sahara City Homes is pioneering the concept of self-sufficient townships in India. This project endeavors to provide the customers a quality lifestyle.

Mumbai/Nagpur: Mantri Realty, a Mumbai-based major, is investing close to Rs. 1,600 crore for a 300-acre township project near Nagpur . The project is planned to come up near the government initiated Multi-modal International Hub Airport at Nagpur (MIHAN). Mantra is also planning to set up a special economic zone for information technology services for a planned outlay of Rs. 780 crore.

            While the constructions of the township and the IT SEZ will be funded mostly through internal accruals and fresh debts, the company is also talking to some funds from the . Although the talks with US funds are at a preliminary stage, in case these funds invest in the project, it would be through the foreign direct investment route, company officials said.

            The master plan of MIHAN consists of a SEZs for IT and healthcare and will also have a captive power plant and other manufacturing value added units. the project, spread over 4,025 hectares of land, is expected to generate about 1 lakh jobs. Mantra Realty expects huge demand for residential properties is and around MIHAN and hence its plans to set up a township. “we anticipate a huge demand for residential properties for the requirement of people working in IT and cargo hub,” said Sunil Mantri, chairman, Mantri realty. Hence there is the strategic importance of a township near MIHAN.

            Although the township project is currently planned on a 300-acre area, Mantri Realty plans to acquire another 100 acres and increase the area of the township. The integrated township project will have all the modern amenities, service apartments, premium and budget residential apartments, entertainments zone and shopping malls.

            For its IT SEZ, the company hase applied to get the required government permissions. The project has achieved financial closure and has a total outlay of Rs. 780 crore.   

The Minister said that 16 projects have been received for Nagpur city for assistance under the JNNURM, out of which 6 projects have been sanctioned so far. Out of remaining 10 projects, 5 projects have been returned for modification and 5 are under appraisal by the Appraising Agency. These projects will be sanctioned as and when these are found technically acceptable, Shri Maken added.

Ascendas expects to invest some S$570 million (US$375 million) to develop the parks in phases over the next 5 to 7 years, depending on market needs. The parks are expected to create a total of 7 million square feet of top-end IT space with employment opportunities for a working community of over 70,000 people upon final completion.

Significantly, Ascendas will be introducing the iconic International Tech Park (ITP) branding into Maharashtra. To be named International Tech Park Pune (ITPP) and International Tech Park Nagpur (ITPN), these world-class Parks will benefit from the strong branding and hallmark of high quality standards attached to other Ascendas IT
parks in Bangalore, Chennai and Hyderabad.

The business community at the Parks will benefit from a premium address and enjoy the international business lifestyle that has become the trademark of Ascendas business space. Besides lushly landscaped environments, the parks will be replete with amenities including fine dining, spacious food courts, coffee delis, fitness facilities, retail outlets and conveniences such as banking, travel and medical outlets.

In Pune, Ascendas and MIDC will jointly develop a 2.5 million sq ft IT Park spread over 25 acres in Phase 3 of the Rajiv Gandhi Infotech Park in Hinjewadi. The Park will be developed in five phases. Construction of the first phase comprising 500,000 sq ft will commence in the 2nd quarter of 2007 and is expected to be completed by mid 2008. Upon completion, this phase is expected to generate employment for about 5,000 IT & ITES professionals.

In Nagpur, Ascendas and MADC will jointly develop over 4.5 million sq ft of IT space on a 63-acre area site within the Multi-modal International Hub Airport (MIHAN).The Park will progress in six phases. Construction of the first phase comprising 500,000 sq ft is also expected to begin in the 2nd quarter of 2007, for completion within 18 months. Phase 1 can accommodate a workforce of some 5,000 professionals.

The joint-ventures were sealed today at a JV signing ceremony graced by Shri Vilasrao Deshmukh, the Chief Minister of Maharashtra, and Mr S Iswaran, the Minister of State for Trade & Industry, Singapore. The signatories for the agreements were Ms Chong Siak Ching, President & CEO of Ascendas Pte Ltd; Mr Rajeev Jalota, CEO of Maharashtra Industry Development Corporation (MIDC); and Mr R C Sinha, Vice Chairman & MD of Maharashtra Airport Development Company Ltd (MADC). Dignitaries present included Mr Ashok Chavan, Minister for Industries & Mines, Cultural Affairs and Protocol, who is also the Chairman of MIDC.

The Chief Minister of Maharashtra, Shri Vilasrao Deshmukh, said: “I am delighted that Ascendas has chosen Maharashtra as its next investment destination. The state has seen many firsts in the industry, be it manufacturing, information technology or services. This partnership will further strengthen the knowledge industry space and open up opportunities not only in the field of IT, but also through indirect employment created by such large projects.”

Speaking at the ceremony, Mr S Iswaran, Minister of State for Trade & Industry, Singapore, said: “I am delighted to be here in Mumbai today to witness the creation of two landmark projects between the State of Maharashtra and one of Singapore’s leading developers, Ascendas. This significant venture will see the development of world-class IT infrastructure in the cities of Pune and Nagpur in Maharashtra. It is also a testament to the deepening relationship between India and Singapore.”

Ms Chong Siak Ching, President & CEO, Ascendas Pte Ltd, said: “We are honoured to be able to partner with MIDC & MADC, the premier agencies that have played stellar roles in Maharashtra’s development. India remains a key investment destination for Ascendas. With these two new landmark projects in Pune and Nagpur, Ascendas has opened a new frontier in Maharashtra, India’s most established manufacturing and services hub, to showcase the best features of our parks around Asia and set new benchmarks in Maharashtra’s IT landscape.

“Ascendas will have an even larger footprint across India to offer customers more options for business operations and expansion. We continue to explore more destinations on our radar screen, amongst which are Chandigarh, Delhi, Jaipur and Kolkata.” she added.

Mr Rajeev Jalota, CEO, Maharashtra Industry Development Corporation (MIDC), said: “MIDC has not only been the pioneers in ushering an industry revolution in Maharashtra but also functioned as the backbone for sustained economic growth for the state. The corporation has created excellent infrastructural facilities across the state. This has borne fruit and today, cities across Maharashtra are equipped with state-of-the-art facilities. With this partnership, we wish to further enhance our expertise in creating world-class business infrastructure for the state.”

Mr. R. C. Sinha, Vice Chairman & Managing Director, Maharashtra Airport Development Company Ltd. (MADC), added: “The partnership of MADC with Ascendas will change the socio-economic landscape in the Vidarbha region and will position the region as one of the sought-after investment destinations for the industrial and services sectors in the country. This partnership will serve as a catalyst for other industries and corporates to come forward and be active in giving a new direction and meaning to development in the state.”

Mr Jonathan Yap, CEO of Ascendas India, noted: “Ascendas’ expansion beyond South India affirms our interest and presence in India, which dates as far back as 1994. The high standards of business lifestyle and management at our other parks in Bangalore, Hyderabad and Chennai have achieved for us high tenant retention rates and delight levels. We aim to bring the same ‘wow’ factor to Pune and Nagpur,” he added.

Mr Harminder Singh, Head of Ascendas North India, concluded: “We are proud to be associated with MIDC & MADC. These win-win partnerships will play a key role in the development of both the landmark projects. We will bring to the two new ITPs the full range of our expertise with end-to-end business solutions for our business partners. These range from master-planning, development and project management right up to marketing and management of the Parks."

Rajiv Gandhi Infotech Park:
The Park, located at Hinjawadi, Pune, is one of Maharashtra's largest IT park areas. It is spread over 238 acres of fully developed land supported by ideal social and business infrastructure.

Multi-modal International Hub Airport at Nagpur (MIHAN)
This is a project set up by the Government of Maharashtra and implemented by the Maharashtra Airport Development Company MADC. MIHAN is master planned as a Special Economic Zone comprising of an Information Technology City, Health City, a Captive Power Plant and other Manufacturing and Value Added units. The project will be supported with world-class
infrastructure to make it an ideal place for international operations.

Maharashtra Industrial Development Corporation www.midcindia.org
Maharashtra Industrial Development Corporation (MIDC), formed on August 1, 1962 by the Government of Maharashtra (GoM). The MIDC has been declared as an agent of the State Government for carrying out the activities within the framework of the Maharashtra Industrial Act. These activities include the acquisition and disposal of land, provision of infrastructure facilities
and the providing of services.

Maharashtra Airport Development Company Ltd. www.madcindia.org
Maharashtra Airport Development Company Limited (MADC), constituted in the year 2002 by the Government of Maharashtra (GoM) as a Special Purpose Company. MADC was jointly formed with equity participation from City and Industrial Development Corporation of Maharashtra Ltd. (CIDCO), Nagpur Improvement Trust (NIT), Maharashtra Industrial Development Corporation (MIDC) and Maharashtra State Road Development Corporation Ltd. (MSRDC). MADC has been initiated to play a lead role in the speedy planning and implementation of the Multi-modal International Hub Airport at Nagpur (MIHAN) project.

Ascendas in India. www.ascendas.com/india
Ascendas (India) Pte Ltd develops IT Parks and hi-tech buildings, as well as Built-To-Suit (BTS) and Ready-Built Facilities (RBF). Starting with the landmark International Tech Park Bangalore (ITPB), Ascendas has since followed on its success with Cyber Pearl and The V in Hyderabad, and International Tech Park Chennai (ITPC). Ascendas is also developing an IT Park in Mahindra
World City in Chennai. In June 2005, Ascendas launched the Ascendas India IT Parks Fund, a private real estate fund seeded by two prime properties – ITPB and The V. In 2006 the Fund acquired its third IT Park asset - Cyber Pearl in Hyderabad.

Key Management:
• MR. Jonathan YAP CEO, Ascendas India, & Head, Ascendas Bangalore
• MR. PANG Yee Ean Head, Ascendas Hyderabad
• MR. LEE Fu Nyap Head, Ascendas Chennai
• MR. Harminder SINGH Head, North India

Ascendas in Asia www.ascendas.com
Ascendas is Asia’s leading provider of total business space solutions. It has built a strong regional presence from over 30 years of serving a global clientele of more than 1,300 customers. Ascendas develops, manages and markets IT parks, industrial parks, (manufacturing, logistics and distribution centres), business parks, science parks, high-tech facilities, office and retail space. Adding value at every stage, Ascendas customises developments and bundles einfrastructure as part of its seamless solutions, to create “plug- and-play” business environments. Ascendas currently has three Funds – the Ascendas Real Estate Investment Trust (A-REIT) listed in Singapore in 2002; the Ascendas India IT Parks Trust, a private fund launched 2005; and the Ascendas Korea Office Fund (A-KOF), a private fund launched in 2006.

30 acres will be utilised for development of residential facilities.