New Delhi, Jan 23 (IANS): Real estate firm Supertech Thursday said it will set up a university in Uttarakhand that will require an investment of Rs.750 crore in the first phase, expected to be completed by the end of 2015.

This is the first venture of the real estate major in the education sector. The new university will be located in Udham Singh Nagar district of Uttarakhand, 237 km from the national capital Delhi.

Supertech chairman and managing director R.K. Arora said the company has acquired 50 acres of land on which the new institution will be located.

“We have already acquired 50 acres. Our target is to get another 50 acres and have 100 acres campus,” Arora told IANS.

He said the new university will be funded and managed by Supertech Foundation, a trust backed by the company.

“In the first phase, investment will be around Rs.700 to Rs.750 crore. This will be mostly in land and creating infrastructure,” Arora said.

The new institution named Supertech University will offer graduate, post-graduate, doctorate and specialised courses in a large number of subjects, including engineering and technology, law, management, fashion design, liberal arts, humanities, medical and social sciences.

The company has appointed V.P.S. Arora as vice chancellor of the new university. Before joining Supertech, he was vice chancellor of Nainital-based Kumaun University.

Arora said some short-term specialised courses will start at the new university by the end of 2014.

“We will start some courses by the end of this year. Normal courses will start from the middle of 2015,” the newly-appointed vice chancellor said.

He said the university will try to give a balanced focus on capacity building, consulting, education, innovation, research and skill development activities.

On collaborations with foreign institution, Mohit Arora, director of Supertech and one of the trustees of the foundation under which the new university will operate, said nothing has been finalised yet but Supertech would be keen to have such tie-ups.

“We are trying to create a world class institution. This is a part of our initiative to give back to the society,” Mohit Arora said.

According to Arora the university will start with around 500-1,000 students next year and the number would go up to 6,000 in the next five years.

He said the company has got all the required approvals from Uttarakhand government for setting up the new institution. As per the deal, at least 25 percent seats in the university will be reserved for students from Uttarakhand.