ITPL is a joint venture between the Tatas, Singapore consortium and the Karnataka government. The initial phase of the project was completed at a cost of Rs 562 crore.

Out of the total amount, Rs 65 crore will be financed by way of equity and the balance will be raised through fresh loans. The Tatas and the Singapore consortium will invest Rs 29.5 crore each while the Karnataka government's investment will be in the form of providing land for the venture. The final investment pattern for the expansion was formally agreed upon at a recent meeting between Karnataka state industries minister RV Deshpande and top Tata officials.

Confirming the deal, Tata Finance managing director Dilip Pendse told The Financial Express that a total of 6 lakh sq ft will be constructed in the second phase by providing built-to-suit facility. Leading multinationals like Quantas and Motorola have evinced keen interest to set up shops in the global park.

Six to eight new buildings will be constructed in the second phase and it has been decided to go in for either outright sale or long-term lease. Sixty per cent of the total space in the first phase was occupied and efforts are on to bring in leading companies for the remaining area.

Originally, the Tatas and the Singapore consortium held 40 per cent each with the Karnataka government keeping the balance 20 per cent. Both the partners raised their stakes to 45 per cent each as the state was unable to bring in the funds. The first phase was completed in 1997.