In Sunguvarchatram, outside Chennai, in the electronics cluster that is home to Foxconn and Samsung, WS Industries India Ltd. intends to invest roughly $500 million (almost Rs 4,000 crore) in the construction of an industrial park spanning 600 acres. Through the SARFAESI auction, the corporation purchased 400 acres of property, including about 250 acres that belonged to IVRCL, which had initially intended to build an industrial township. It plans to purchase an extra 200 acres of private property from private owners for the park, which will include, among other things, industrial housing, computer centers, and a logistics warehouse.

In order to compile a comprehensive project report to this effect, it will collaborate with foreign specialists. A former nine-hole golf course was part of the IVRCL property, and WSI intends to revitalize it as the focal point of its industrial park. The company is now raising around Rs 440 crore in new capital by offering its shares to promoters and non-promoters, such as individuals, institutions, and private companies, at a price of Rs 100 per share.

The fresh capital will be deployed for land acquisition and working capital requirements, sources said. The park is located close to the proposed new international airport near Parandur and the existing Oragadam industrial estate and Chennai-Bengaluru expressway. The acquired land has been converted to facilitate multi-use development. WS industries India is now engaged in the EPC business and has executed infrastructure projects worth Rs 650 crore in the past 24 months.

 It is also in the process of developing a one million sqft IT park on Mount Poonamallee road and the project is in the approval stage.