PS Group, an Indian Information Technology firm is setting up an IT park in Sri Lanka with an investment of USD80.4 million.

The company has entered into a joint venture with Sri Lanka Institute of Technology and Infinity Parks Ltd to develop this project.

“This is our first international project and we feel there are lots of such opportunities in neighbouring countries. This IT park project will provide direct and indirect employment to 20,000 and 80,000, respectively,” said Pradip Chopra, chairman and managing director of PS Group.

PS Group will be developing 1.6 million sq ft for the technology park for which the Sri Lanka Institute of Technology will provide 16 acres.

In the first phase, around 500 million sq ft will be developed for the project, which is expected to attract around 20 to 50 companies.

The company has also tied up with a US-based hedge fund, which will be investing in their future projects.