Education City in Bhutan

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1 b dollar bid for Education City
Date: Tuesday, December 15 @ 01:32:16 EST
Topic: home

Infinity, an Indian infotech company, requires 1,000 acres for the project
15 December, 2009 - A Kolkata-based company Infinity infotech parks limited has proposed to invest a billion dollars or Nu 47 billion in creating an ‘Education/Knowledge City’ in Bhutan.

The project, by far the largest FDI investment proposal, aims to bring in the branches of around 15 to 30 top universities, along with 40,000 foreign students, into a 1000-acre education city.

The Infinity groups representative in Bhutan, Palden Tshering, the head of Chundu enterprises said, “The FDI project should provide employment for around 100,000 people, most of whom will be Bhutanese and eventually generate up to 500 million dollars a year in foreign exchange.”

1. Investment at 1 billion dollars or Nu 47 billion.
2. 15-30 Universities with 40,000 students.

3. 1000 acres land required.

4. 100,000 jobs to be generated.

5. RGOB forms committee to study project.


“The education city, apart from universities, will have high quality schools for faculty members, labs, hotels, health care, cultural and entertainment centres, sport centres, libraries, stationery, cafes and others to service the student population, which will all vitalise the local economy and allow Bhutanese to invest in,” said Palden Tshering. He said even IT companies and corporations that would want to hire this talent pool could set up offices in the city.

The group so far has looked at five locations, the first being a hillock just before Chuzom and the others in Punakha, Wangduephodrang and Paro. Most are government land. “What Infinity wants is 1,000 acres on lease or for sale, where 60 percent of the area can be built on,” said Palden.

Palden said that the idea first came up in December 2008 in a discussion in Kolkata with the Infinity group chairman, Ravindra Chamaria. Infinity is a Rs 10b net worth company, with joint venture from the West Bengal government, and specialises in developing information technology parks and office spaces in Kolkata.

Infinity first formally brought up the proposal to the government in a meeting in June 2009 with the ministry of economic affairs (MoEA) and later the ministry of education.

MoEA minister Lyonpo Khandu Wangchuk said, “Two firms from India had expressed interest in establishing a education/knowledge city in Bhutan and, so far, the Infinity group has recently submitted its expression of interest, however, RGoB is still waiting for similar expressions of interest from other firms.” He also said, “As the project to establish such a city requires substantial commitments from RGoB, a committee, comprising MoEA, MoE, MoF, land commission, royal education council and DHI, is being formed under the chairmanship of the MoEA secretary to develop the framework for establishing such cities and for soliciting interest from firms.”

The minister said that establishing such cities was part of the manifesto of DPT and government policy for accelerated economic development.

MoEA secretary Dasho Sonam Tshering said, “Since the investment proposal is of such a size and land intensive, the government will have too discuss, see what we want and do a feasibility study.”

On the financing part, the Infinity group itself will be putting in around Rs 1 billion and will aim to raise the rest through floating shares. The revenue for the project will come in through developing and leasing various educational facilities to the universities or companies.

Palden said that Bhutan would be a good location for the project due to its pristine environment, political stability and because it can provide the same quality of education being charged at 50,000 to 60,000 dollars annually abroad at around 15,000 dollars in Bhutan. He said that Infinity was in discussion with many ivy-league universities in the U.S. and other countries and some of them had expressed interest.

The royal education council had come up with a similar idea last year, but it remained as such and was not taken up with the government or the present council.

Palden Tshering is being assisted by his employee and cousin Dasho Palden Thinley.

Palden Tshering clarified, “I interviewed 17 graduates and Palden Thinley was the best candidate. I’m not using him for contacts since I have my own contacts as a former Kuensel reporter, a current businessman and education consultant.”

He also clarified that Infinity was looking at a 100 percent FDI investment and he himself was not investing any money, but would be associated with the project on a long-term basis.

By Tenzing Lamsang