Singapore firm to set-up Chennai's first IT mall

Singapore-based Shanaya Group of companies will invest about Rs 5 billion ($110
million) in India in various projects, including Rs 1 billion for setting-up
Chennai's first IT mall.

As part of this initiative, the group will convert the VGP Victory House, a
shopping complex in Chennai, into the VGP 'Digital China Square', a joint
venture between the Shanaya Group and VGP, a well-known retail chain in Tamil
Nadu.

The project is estimated to cost Rs 1 billion, whereby the VGP Digital China
Square would be the first IT mall in Chennai, dedicated to IT, computers and
electronic products, which hither were not available in India. The work is
expected to be complete by June 2006 and would be ready for occupation by July.
The mall will have over 50 shopping outlets.

V G Santhosam, Chairman, VGP Group of Companies, said: “VGP would
contribute over 40,000 sq ft of space while Shanaya would bring in products from
abroad, as part of the joint venture.”

“The Digital China Square will have a Chinese design at the front, making
it a unique landmark in Chennai,” said company source.

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