Mumbai-based Zoom Developers, engaged in diversified businesses including real estate, plans to invest Rs 1,000 crore (Rs 10 billion) in the next three years to construct a 100 hectare IT-ITeS special economic zone at Indore in Madhya Pradesh.

The Board of Approval had last week gave a formal approval to the SEZ of the company. "We are planning to invest Rs 1,000 crore to develop a 250-acre multi-services SEZ, including IT and ITeS at Indore," Zoom Developers President and CEO Rumneek Bawa told PTI.

The planned investment, which excludes the cost of land, would largely be met through debt, he said, adding that the SEZ was expected to be notified in the next two months. Bawa said the company already has the ownership as well as possession of the land where SEZ would be developed.

A further investment of Rs 1,500 crore (Rs 15 billion) was expected from the units proposing to establish operations in the SEZ, he added.

The company estimates an export turnover of one billion dollars over a period of five years after the development and full occupation of the zone, Bawa said. The SEZ would provide a direct employment opportunity to over one lakh people, he claimed.

Zoom would develop about two million sq ft of ready-built infrastructure in the SEZ. The company has 200-acre additional land near SEZ where it would develop an integrated township.

The state government has approved the township project. Total land development in this area is expected to be about 450 acres including 200 acres for the SEZ.