The outlook for Marconi appears to be improving

The company intends to move its operations to a �70m office complex, which would be built close to its current base in New Century Park.

The site is owned by developers British Land Company PLC, which has applied for planning consent. The firm bought the land from Marconi five years ago.

Marconi's fortunes have been turned around after a huge debt crisis which led to a restructuring of the company.

'Back on the map'

Thousands of workers lost their jobs in Coventry and at the company's other sites, while shareholders saw their holdings virtually wiped out.

It is hoped the new buildings will be ready for about 1,500 workers to move into in about two years.

A spokesman told BBC News that the move would be good for the company.

"It will enable us to operate more efficiently.

"The site will be a state-of-the art office and our customers will be able to see that Marconi's back on the map."