Mumbai: Gulf Oil Corporation Ltd has received authorization from the Karnataka Udyog Mitra to construct an IT Park on its 40 acres plot at Yellahanka.

The park will also offer hotel and service flats, retail, multiplexes and many other facilities.

The approved master plan covers up a total area of 5 million sq. ft. The facility is located on the Bangalore-Hyderabad Highway.

The company said, “The location would be highly suitable for international organisations to make it their business destination.”

The company also declared that the actual development of the park would be collectively undertaken by the company and Asia Properties Development Ltd (APDL.

The Knowledge City at Hyderabad would spread over 100 acres. The plan for this has been conceptualised and necessary approvals sought from the Andhra Pradesh government.

In early trading, Gulf Oil shares were up 4.5 per cent at Rs 319.25 on BSE.