HIDCO to allot 90 acres for Bengal Silicon Valley IT hub

Housing & Infrastructure Development Corporation (HIDCO) of West Bengal has expressed interest for allotment of almost 90 acres of land for Bengal Silicon Valley IT Hub. HIDCO is on a process to give out invitations for application of allotments of 18 vacant plots which amounts to a total area of   89.489 acres. This action is taken after the State administration decided to shift IT companies from Bantala to the Silicon Valley Hub in New Town. The state government wants to shift the IT hub after a number of leather companies from Kanpur were interested to set up factories and invest in Bantala. The government assumes that the Calcutta Leather Complex in Bantala would get investments of approximately Rs 5,000 crorein the next five years. Allotments will be provided to the selected companies under a lease of 99 years. A senior official of the state IT&E department said, "It is envisaged that the proposed Silicon Valley IT hub will be leveraged by industries, professionals, investors, students,and educational institutes to foster the creation of innovative technology-led business models in the IT sector. It is expected to promote a culture of innovation and research on new and emerging technologies".