NGTech to invest 1200 crores in IT and BioTech in Bhubaneswar
Bhubaneswar- Cuttack- Puri, BioTech, Pharma, IT, Khordha, NROs 5 Comments »Following is an excerpt from a report in Tathya.in.
New York based NGTech, a versatile group of IT professionals who offer wide array of consulting services, promoted by Dr.Namita Deo, Dr.Ramachandra Deo and Ms.Mymoona Shereen will invest in IT and Biotechnology sector.
NGTI Private Limited will install facilities like IT Development and Outsourcing Project Services, chemical & Biotech Research & Development, Medicianal Green House, Bioinformatics, IT& Biotech Training and Medical Research Centre, said sources.
According to the application presented to the Government of Orissa, the group will fund major part of the project from own sources.
While promoter’s contribution will be Rs.948 crore, loan from financial institutions will be Rs.240 crore and the company expects Rs.12 crore as subsidy from the Government.
NGTI has identified a patch of 100 acres of land at Deras, on the outskirts of Bhubaneswar.
The group proposes to acquire land through IDCO for setting up the facilities.
There is huge potential for employment as these facilities will be requiring 25,000 man power.
Annually Rs.103 crore of revenue will be generated on account of VAT, other taxes and duties assuming cent per cent capacity utilization, said the sources.
Following is from Samaja.
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