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Friday, February 09, 2001

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Cyberspace sets up software tech park in Lucknow

Our Bureau

MUMBAI, Feb. 7

THE Mumbai-based e-commerce and e-business software solutions provider, Cyberspace Ltd, has set up Technopolis -- a software technology park (STP) in Lucknow in association with the Uttar Pradesh Government.

The foundation stone of the STP was laid by the Prime Minister, Mr Atal Bihari Vajpayee, on January 31.

Cybertron Technopolis Ltd, which has set up the STP, is a joint venture between Cyberspace and UP Electronics Corporation Ltd.

The joint venture company will have an equity base of Rs 3 crore.

Cyberspace and its promoters will contribute Rs 2.28 crore and hold 76 per cent equity stake in the venture, while Rs 78 lakh will be contributed by UP Electronics Corporation, which will hold 24 per cent equity stake.

The State Government will bring in its equity portion by way of allotment of land, about three acres, for the project.

The STP is being set up at a total project cost of Rs 8.91 crore. In addition to equity capital of Rs 3 crore, Cybertron Technopolis will have debt component of Rs 5.91 crore.

According to the Cyberspace founder-director, Mr Arvind Johri, the debt component has already been tied up with the bankers such as Exim Bank and Federal Bank.

The STP will provide satellite earth station for international connectivity having bandwidth of 8 mbps and other support services such as banks and allied services.

Cyberspace recently acquired UII Inc, a New Jersey-based company with revenues of $9.5 million. The acquisition, at a price of $6.23 million, was carried out in a part-stock and part-cash deal in the ration of 70:30.

Related links:
Cyberspace buys US co for $6.23 m

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