Rakindo plan to set up $250-m arm may get okay

Chennai-based real estate developer Rakindo Developers’ proposal to set up a wholly owned subsidiary with $250-million FDI from Dubai-based Rakeen Development is expected to get Cabinet clearance on Thursday.

Rakindo has plans of building a $1.5-billion (Rs 6,000- crore) integrated township at Coimbatore which will be ready for launch after the CCEA clears the FDI proposal. The plan envisages developing over 1,000 acres of property with an 18-hole golf course as the centerpiece. Rakindo is proposed to be a holding company that will promote investments in several SPVs to develop and operate townships. It is a joint venture company formed by Rakeen, a joint stock global business company promoted by the Ral Al Khaimah group, UAE and the Chennai based mineral conglomerate Trimex group owned by Koneru Prasad.

The newly formed real estate company has already obtained FIPB approval to invest and hold downstream investments in Companies formed for the Coimbatore project.

FIPB had considered the Rakindo proposal in March, which was subsequently approved by different ministries including the department of industrial policy and promotion, department of economic affairs and the ministry of urban development. Built around the concept of “walk to work culture”, the Coimbator project plans to have an IT SEZ, speciality hospital besides commercial and residential complexes. The CCEA will also consider another proposal by Essar Power Ltd Mumbai for FIPB approval to operate as a holding company.

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Kamma Cine Heroes

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Challapalli is a village in Krishna district of the Indian state of Andhra Pradesh. It is located in Challapalli mandal of Machilipatnam revenue division. The Rajah of Challapalli, Srimanthu Raja Yaralagadda Ankineedu Prasad Bahadur Garu built this Palace in the early 18th centaury. Then onwards Challapalli became the capital for the Devarkota Estate and the town developed around the palace. It remains as a great example of Andhra architecture to this very day. . The last crowned monarch of Challapalli was Srimanthu Raja Yaralagadda Shivaram Prasad Bahadur Garu (1906-76). As of 2012, the Royal family members no longer reside in the fort. Yarlagadda Rajas of Challapali fort and Zamindari that ruled this area from 15 century now the kingdom has gone due to land cease act that was kept by the Indian Government but their greatness was in the words of the people in that area . The Raja of Challapalli (Devarakota) in Krishna district was among the richest of the Rajahs and h...

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