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|November 20, 1997||
Rs 32 billion 'Asia Gateway' coming up in CalcuttaThe Chatterjee Group of New York, an affiliate of Soros Fund Management, will be setting up an 'electronic software and knowledge-intensive industrial complex' at the Eastern Metropolitan By-Pass in Calcutta. Non-resident Indian Dr Purnendu Chatterjee heads the group.
Dubbed Asia Gateway, the project involves Rs 32 billion investment over 10 years. According to A K Matto, management consultant to TCG, the concept has more or less been finalised and about 318 acres of land acquired at the cost of Rs 1 billion.
Negotiations with the state government and other developmental agencies, including the Calcutta Metropolitan Development Authority, are at an advanced stage.
Though a memorandum of understanding was signed between TCG and the CMDA in August 1994, it was in January 1997 that the CMDA asked the company to buy land and work out the project themselves, instead of a tie-up, he said.
"One of the points of disagreement between the authority and the group was the land lease structure that was applied for. The lease is for 99 years but we wanted one that was perpetual and renewable. We cannot undertake construction of towers and the like for a specific timeframe only," a company spokesperson said.
The project, he claimed, is completely environment friendly. A case study is going on, the results of which will be known after a year, he said. The venture, however, is yet to be approved under the Urban Land Ceiling Act.
- Compiled from the Indian media
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