Insurance company Prudential has announced plans to build 7,500 new homes in a town hit by the company's decision to move operations to India.

The company is looking to develop the homes, as well as a 1,300 acre countryside park, in Reading, Berkshire.

The Kennet Valley Park project, in Green Park, was unveiled on Friday just over a month after the company decided to transfer local call centre work to India.

The company's director of property development Mike Rolls said: "Kennet Valley Park will be a community in its own right with sufficient critical mass to provide many of its own amenities and services."

Landowners' support

The scheme would include the development of affordable housing for key workers in the public services, and starter homes.

Prudential says main line rail and bus links, park-and-ride facilities and cycleways will also be developed.

Mr Rolls added: "The style of the scheme is intended to reflect the current aspirations of government towards developing high quality communities and making the best use of land."

The insurance company turned developer says the land could be developed within the next 15-20 years.

Large parts of the site are currently being used for shallow gravel extraction with public access limited.

Several major landowners are said to have indicated their support for the proposals.

Preliminary talks are taking place with representatives of West Berkshire, Reading Borough and Wokingham Councils.

Prudential has promised a period of public consultation starting in January 2003.