Leading publishing software major Quark Inc will invest Rs 500 crore (Rs 5 billion) in India to set up an infotech park in Mohali.
An agreement to this effect was signed between the Punjab government and Quark recently. The multi-billion dollar diversified group is promoted by Iranian-born American Fred Ebrahimi.
"Quark is investing Rs 500 crore (Rs 5 billion) in the infotech park project," Bal Seigal, India head of Quark Inc said.
N S Kalsi, secretary (information technology), Punjab, said that an agreement had been signed recently.
The proposed infotech park will come up on 50 acres of land at Mohali. "We are targeting leading global infotech companies with this facility. The park will have captive power plants and integrated residential and commercial facilities," Kalsi said.
The infotech park will span 1.7 million square feet and will be completed in 18 months. It is expected to generate 7,000 jobs. Besides, 0.4 million square feet in the park will be given to Quark to operate its Indian arm, Quark Media House.
"We had multiple rounds of discussion with Quark and are fine-tuning the details," Kalsi said when asked about the project.
Quark has also been growing its operations in the country by directing software development work to India. Ebrahimi in an earlier interview had said Quark would make India a major hub for its global business.
Kalsi said the Punjab government was working to promote Punjab as an infotech hub.
The state government has been successful in promoting Mohali, where Quark, Infosys, Tata Consultancy Services, HFCL and Reliance Infocomm have operations.