Delhi-based International Trade and Exhibitions (ITE) Group India, a leading exhibition organiser, is setting up Expo City "� a Rs 27-crore international food court and recreation centre "� in Hyderabad. |
The construction contract of the project has been awarded to Shapoorji Pallonji and Co Limited, and the project is expected to be operational by mid 2005. |
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Speaking to Business Standard, C V Ramana, project manager, ITE said: "ITE Group India has entered into a memorandum of understanding (MoU) with the Andhra Pradesh Tourism Department to build the international food court and recreation centre. The tourism department has allotted 1.1 acre of land on a long term lease basis at the Tourism Projects Complex at Lower Tank Bund Road." |
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Ramana said that the group was in preliminary talks with the Andhra Pradesh Tourism Department for setting up a multi-level car parking complex abutting the Expo City. |
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"The group has earmarked around Rs 20-25 crore for the multi-level car parking project," he said. |
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"Space for putting up fast food restaurants, recreation centre, pubs etc will be leased out by the Hyderabad Trade Expocentre Private Limited (HTECL), a special purpose vehicle (SPV) formed by the ITE Group to establish and maintain the Expo City," Ramana said. |
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Though reluctant to divulge the turnover that the group is expecting from the project in the first year, Ramana said: "We are expecting the project to break even in the fourth year of operations." |
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Ramana also said that the group was planning to come up with similar projects in Ludhiana, Jaipur and Guwahati. |
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"The ITE Group has diversified into venue management also. At present, the group is building an International Trade Expo Centre, which comprises of air-conditioned halls, permanent display centre (shopping mall) and boarding and lodging facility, at Noida in New Delhi," he said. |
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The 11-storeyed food court and recreation centre, being set up in close proximity to the Snow World theme park and Rock Gardens, will house banquet halls, multi-cuisine and fast food restaurants, discotheques, a children's recreation centre, pubs, a health club, gym, an international business centre, stress relieving room and a roof-top swimming room, apart from capsule lifts, escalators and walkways. |
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