Saturday, March 8, 2008

Hiranandani, Lahari Infra to invest Rs 750 cr in multi-services SEZ

Hyderabad, 7 March: Real estate major Hiranandani Group and Hyderabad-based Lahari Infrastructure Ltd (Gaddipati Haribabu, Chairman and MD) will invest Rs 750 crore in a multi-services Special Economic Zone (SEZ) to come up about 40 km from here as a 50:50 joint venture.

“Our Group and Lahari will invest Rs 150 crore each as equity in the venture and the remaining money will be mobilised from banks and other financial institutions. We will be equal partners in investments and revenue-sharing,” Mr Surendra Hiranandani, Founder, Hiranandani Group, told newspersons after the ground-breaking ceremony for the project here on Thursday.

The SEZ, christened as ‘Hiranandani Upscale’, will have world class infrastructure for all industries, including information technology, pharmaceuticals and banking. Already, two pharmaceutical companies, including Suven Life Sciences, have committed to take two lakh sq. ft facilities each in the SEZ.

Albeit initial investment is pegged at Rs 750 crore, the SEZ would involve Rs 12,000 crore investment over a period of 14 years, they stated.

Mr Gaddipati Haribabu, Chairman and Managing Director, Lahari Infrastructure Ltd, said appropriate infrastructure would be put in place around the SEZ to convert it into a seamless integrated community with ‘walk to work’ concept.
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