New York, Nov 10: With the change of guard in Uttar Pradesh, the fate of the state's 1,500-acre technology park to be developed by ReDOX Technology Corporation, seems all the more uncertain.It was only last week that ReDOX was invited by the state minister for development to finalise agreements for the technology park which would include a research and development laboratory, a service centre and a manufacturing facility.
But now, only after the formal swearing-in of a new ministry, will ReDOX be able to send its trade delegation for further talks. Until then, the technology park may remain in the back-burner.
According to plans, the manufacturing facility would produce products using ReDOX's technology for the Indian market as well as markets which India has bilateral agreements with.
The development of the 1,500 acres will be undertaken by a series of international corporations headed by SOMC, a Saudi-based operation company. The entire complex will be owned and managed by ReDOX.
Uttar Pradesh had given assurances of all possible assistance to ReDOX for completing its projects in India. The projected annual revenue is estimated at $500 million from the manufacturing facility.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.