Gandhi City for Advanced Research & Development Ltd, which has received approvals to set up the country's first R&D based Special Economic Zone (SEZ), will shortly raise US $25 million, as the first phase of investment for the project. Two top Private Equity (PE) firms have already evinced interest in investing in Gandhi City, which is in the process of creating an ecosystem to foster collaboration between the industry, institutes and research organizations near Ramanagara, 30 kilometers from the technology hub of Bangalore.
Gandhi City for Advanced Research & Development Ltd, which has received approvals to set up the country's first R&D based Special Economic Zone (SEZ), will shortly raise US $25 million, as the first phase of investment for the project.
Two top Private Equity (PE) firms have already evinced interest in investing in Gandhi City, which is in the process of creating an ecosystem to foster collaboration between the industry, institutes and research organizations near Ramanagara, 30 kilometers from the technology hub of Bangalore.
The SEZ project will have four phases of investment, spread across 10 years, to raise US $600 million through various routes. "The total project outlay is Rs 2,620 crore. Our plan is to replace minor investors by bringing in PE funds. It will be equivalent to 9 per cent of the total share-holding of Gandhi City," says Giri Devanur, Promoter, Gandhi City SEZ.
The process of acquiring 350 acres of land for the project is on. The Karnataka Industrial Area Development Board (KIADB), the nodal agency for land acquisition in Karnataka, will complete the process shortly. The SEZ will be spread over 1,000 acres, housing research labs, incubation centers, and high-end technology testing facilities.
Gandhi City will focus on multiple disciplines, such as, Pharmaceutical and Life Sciences; Automotive and Aviation; Technology and Communications, and Agricultural sciences, in association with educational institutions. It is the first of its kind SEZ modeled on the lines of Stanford Research Park, US. Gandhi City SEZ has entered into a technological understanding with Research Triangle Park, US.
Notes to Editor
Gandhi City, a premier R&D SEZ, the only such project in India. Spread across 1,000 acres near the technology hub Bangalore, India, Gandhi City SEZ aims to create an ecosystem to foster the right collaboration between the industry, institutions, and research organizations. The total investment set to flow into the project is Rs 2,620 crore in association with major technology partners.
Gandhi City is promoted by Mr. Giri Devanur, a serial technology entrepreneur and innovator. He is a computer engineering graduate from the University of Mysore, India. He also studied at the premier Massachusetts Institute Technology (MIT), Cambridge.
He has over 21 years of experience as an Entrepreneur CEO in the technology industry. He floated several companies; successfully contributed to mergers and acquisitions; and infused capital from VCs and PE firms.
Giri Devanur is the founder of Ivega, a specialist IT services provider. He successful expanded the company, in terms of growth and revenue, and sold it to TCG.
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