According to a Business Standard report by Surajeet Das Gupta and Mihir Mishra, Sterling Infotech Group is in talks with the Seychelles government to lease an island for 99 years, where it plans to develop an integrated mega township and tourism project. The island identified for the township and tourism project is Coetivy, 290 kms South of Mahe, which is spread over 930 hectares. Investment details of the project, which will include villas, condominiums, hotels and leisure facilities, are not known.
When contacted NRI businessman, C Sivasankaran, said that the Group was in talks with the Seychelles government, which is yet to give them permissions and that nothing was final yet. The project will make Sterling Infotech the second Indian corporate group to enter Seychelles. Sunil Mittal’s, Bharti Enterprises, India’s largest telecom group, operates mobile phone services there and has also bought a five-star hotel, said the BS report.
Siva Ventures, a group company that did a private placement of secured redeemable non-convertible debentures last month, confirmed in its information memorandum that the company was looking to lease the island for 99 years. |