The Hindu : Andhra Pradesh News : US-based firm to develop township

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Thursday, Oct 11, 2007
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Andhra Pradesh

Andhra Pradesh

US-based firm to develop township

Special Correspondent

The project to come up on the outskirts of Hyderabad will be completed in eight to ten years

HYDERABAD: Redhawk Investments Group, a Colorado-based company, announced here on Wednesday that it would build an integrated techno-township in 650 acres on the outskirts of the city with an investment of Rs. 1,400 crore.

The project is located 8 km away from the Outer Ring Road intersection on the Vijayawada Highway.

The project will be completed in about eight to ten years by which time it will be valued at US $ 1 billion, with the value additions brought in by different companies. Redhawk was partnering Dreamland Infrastructure, a local company.

Private equity

Addressing a press conference, CEO of Redhawk Bipin Agarwal said the company was planning to raise private equity/debt of US $ 350 million for developing the project, while Redhawk-Dreamland had already contributed US $ 70 million by way of land purchase.

The township would have 30 million square feet of built-up area, of which three-million square feet would be commercial space and an equal floor space would be earmarked for common infrastructure like schools, colleges, retail stores, hospital and golf course.

While flats, independent villas and a few high-end houses would be built in the township, about four to five companies would take floor space for their offshore activity.

Mr. Agarwal said that the township would not only host work space, but offer living accommodation and serve as a self-contained township with ‘Twenty-Minute Lifestyle’ concept. “The company has already signed up with one IT company,” he said.

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