The RP-Sanjiv Goenka Group, which co-owns Indian Super League (ISL) franchise Atlético de Kolkata, is coming up with a Rs. 500 crore football academy in the city’s vicinity, a top company official said on Friday.

Group chairman Sanjiv Goenka said the proposal for the project, comprising a football academy, a stadium along with a 120-room hotel, has been submitted to the West Bengal government for its approval.

“The land has been identified. It will be a football academy with a small stadium to start with, which will be developed later. There will also be a 120-room hotel and training facility. The total investment is Rs. 500 crore,” Goenka told mediapersons here.

Declining to detail more, Goenka said the “self-sustaining” project will be on less than 50 acres of land and will come up in the city’s vicinity.

“The self-sustaining venture will be the first of its kind in the country. We have got all the plans ready. International firms were hired for preparing the project details,” said Goenka adding that the investment for the project will come from the company’s CSR stream and funding from family members.

Goenka, who also co-owns the Indian Premier League (IPL) franchise Rising Pune Supergiants, said the company was exploring avenues to expand its sporting ventures with the ISL franchise likely to become profitable in 2018.

“Our franchise in the IPL is only till next year, It will not even break even next year but the performance will be way better. As regards football, we are expected to become profitable year after next year (2018),” added Goenka.