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DLF To Invest Rs5,000 Crore In AP Over 5 Yrs
Posted by Pradeep Sadanapalli | June 5, 2007 | 185 views
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Loading ...Real estate development major DLF Ltd has lined up Rs 5,000 crore to be invested in various ventures in Andhra Pradesh over the next five years.
“As part of our expansion into the southern region, DLF will invest heavily in Hyderabad and other parts of the State and some investments had already been made,” Mr A.S. Minocha, Head, DLF Commercial Developers Ltd, told newspersons here on Friday.
The company is developing a special economic zone for information technology in a 26.3-acre plot in Gachibowli here. “The SEZ had already been notified and we are investing over 750 crore in it. The first complex will be ready in next four months,” he said.
It is in the process of forming a joint venture with the State Government to develop an integrated retail and entertainment complex in the old Gandhi Medical College premises at Basheerbagh in the heart of the city. To be developed with over Rs 1,000 crore, the complex would be a combination of heritage, retail and entertainment, Mr Minocha said.
“We have also lined up two major projects on the Road No 2 of Banjara Hills, the details of which would be announced soon,” he added. On the hospitality front, DLF, in association with the Hilton Group would set up a luxury hotel in the city.
The Gurgaon-based major is also eyeing the residential sector. It is developing service apartments in 25 acres in Puppal Guda on the outskirts of the city.
“Our teams are also working in other cities including Vijaywada and Visakhapatnam to finalise residential ventures,” Mr J. Subrahmanian, Executive Director (Southern Region), DLF, said.
To mobilise funds for expansion and repay some of its loans, DLF is entering capital market with a public issue to mop up over Rs 9,000 crore.
The issue opens on June 11 and would be closed on June 14.
SOURCES:
The Hindu BusinessLine
Topics: Real Estate |
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