Chennai/Hyderabad
Business Standard
Lahari Infrastructures Limited, a subsidiary of city-based Lahari Group, will be investing about Rs 1,500 crore in a multi-services special economic zone (SEZ) in Ranga Reddy district of Andhra Pradesh in phases.
The company has entered into a joint development agreement with the Mumbai-based Hiranandani Group for executing the project, wherein Lahari will own 30 percent of the built-up space while the rest will be held by the latter, Lahari Group chairman G Hari Babu told mediapersons.
Christened Hiranandani Upscale, the 250-acre SEZ will have 15 million sft of space for 31 services including research and development, IT/ITeS, free trade, warehousing and education.
“All the required clearances including fire and aviation approvals are already in place except building permission, which is expected by this month end, from the Hyderabad Urban Development Authority. The first phase of the project, involving 2 million sft of built-up space with an investment of Rs 400 crore, will be completed by the first quarter of 2011. We plan to add 1.5 million sft every year for the next 10 years,” Hari Babu said.
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