Calcutta, June 11: City-based real estate developer PS Group is setting up an IT park in Sri Lanka with an investment of $80.4 million.The company has entered into a joint venture with Sri Lanka Institute of Technology and Infinity Parks Ltd, another city-based real estate company, to develop this project.

“This is our first international project and we feel there are lots of such opportunities in neighbouring countries. This IT park project will provide direct and indirect employment to 20,000 and 80,000, respectively,” said Pradip Chopra, chairman and managing director of PS Group.PS Group will be developing 1.6 million sq ft for the technology park for which the Sri Lanka Institute of Technology will provide 16 acres.In the first phase, around 500 million sq ft will be developed for the project, which is expected to attract around 20 to 50 companies. The company has also tied up with a US-based hedge fund, which will be investing in their future projects.

“We have also been approached by Sampath Bank Ltd, one of the largest Sri Lankan banks to help develop their properties through similar joint ventures,” said Chopra.In Chennai, the PS Group is developing a 4 lakh sq ft residential project.

It has also entered into joint ventures to develop 11.5 lakh sq ft of retail space in Coimbatore and nine lakh sq ft of residential complex in the same city.An IT special economic zone (SEZ) of 2.5 million sq ft is also being planned in Chandigarh.