Source: Business Standard, Dec 03, 2019
New Delhi: Realty firm M3M group on Tuesday signed an agreement with a Swedish company to develop a smart city project in Gurugram, Haryana, that has a potential to attract foreign investment of USD 2 billion.
The smart city project is being proposed on 165-acre land that M3M India bought in 2016 from Sahara group for Rs 1,211 crore.
M3M group, which is also developing Trump Tower project in Gurugram, proposes to invest around Rs 2,500 crore, which includes the land cost of entire 165 acre valued now at around Rs 2,000 crore and the construction cost of first phase of around 25 acre, its director Pankaj Bansal told reporters here.
M3M signed an agreement with Sweden-based Urban Systems urbs AB to develop smart city project in Gurugram.
The agreement signing took place during the India Sweden Business Leaders Roundtable and in the presence of King of Sweden, Carl XVI Gustaf.
Ibrahim Baylan, Minister of Enterprise, Sweden, Ann-SofiGaverstedt, Deputy Director Trade Promotion Policy and Sustainability, Teknikfretagen (The Association of Swedish Engineering Industries), Will Sibia, Chairman, Urban Systems urbs AB and Basant Bansal, chairman of M3M were also present.Read the rest of this entry »