Embassy Group to fund infra projects in City

Bengaluru, Dec 19: The Bengaluru Development Department is partnering with the Embassy Group, which is under the scanner for tax evasion, to carry out infrastructure projects in and around the IT Parks developed and being managed by the group.

Bengaluru Development Minister K J George on Friday said the Embassy Group had come forward to fund the proposed flyover project (between Nagavara and Hebbal), in front of Manyata Tech Park.

Addressing the reporters, George said that the Embassy Group had volunteered to fund the Rs 50-crore project.

The Group has also proposed to develop service roads in and around all of its tech parks in the City, carry out drain works inside and outside the parks, set up escalator skywalks, and construct sub-stations inside two tech parks to meet the power demand. All of these works are said to cost around Rs 450 crore.

George said the Group has set an example by coming forward to assist the government with infrastructure projects and hoped that other developers in the City would follow suit.

The tender process for the flyover project would be completed by the year end.

The minister also said he is a partner with Embassy Golf Links and that it has nothing to do with these works. The Group will not be given ownership of any of the projects developed, he added.

Skywalks, sub-stations

When contacted, Embassy Group Chairman Jitendra Virwani said his company was trying to reach out to the government for the last two years to help with infrastructure and traffic projects. He said escalator skywalks would be set up in five places – opposite Manyata Tech Park, Embassy Golf Links, Embassy Tech Village, Cessna Business Park and Prestige Tech Park.

The Group has proposed to KPTCL to set up two sub-stations of 220 kv at a cost of Rs 130 crore each, within Manyata Tech Park and Embassy Tech Village. It has sought around four acres of land in this regard, he added.

Tax evasion

When asked about the Rs 83 crore dues that the Group is supposed to pay the BBMP, Virwani said the civic agency had suddenly increased the property tax from Rs 8 to Rs 10 per sq ft, and was insisting that the company pay the amount along with interest, retrospectively. “We are willing to pay the revised rates. But the BBMP cannot insist that we pay up the interest for the last ten years. The matter is before the court,” he added.