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« Taj to launch hotels in Bahrain | Home | No threat of realty takeovers »

MP Govt to tie up with Gwalior firm for realty project

The Madhya Pradesh government will be tying up with Gwalior Agriculture Company Ltd (GACL), a subsidiary of Gwalior Sugar Company Ltd (GSCL), which has proposed a special project comprising a special economic zone. The company may also join hands with the Airports Authority of India. The project will be a single real estate project offering employment to 60,000 people, while planning a township for 200,000 people. The project will be completed with an investment of Rs 20,000 crore. The project will be completed in four phases. The first phase will create an aviation facility, the second will have an air-cargo and logistics hub, the third will develop an industrial or agro-processing park, while the fourth phase will create a township, medical tourism, a biotech university and a leisure destination.

The Project Clearance and Implementation Board (PCIB) had given in-principle clearance to the project. This project also involves foreign direct investment of Rs 6,000 crore. The company has proposed to join hands with Singapore-based consultant Jurang International, a Singapore airport consortium. Earlier a proposal submitted to the PCIB claimed to have 3,800 acres for the SEZ and the aviation and cargo hub, 770 acres of urban land for township development, and 4,000 acres for agriculture development.

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