Hyderabad-based infrastructure company Suchirindia Developers (P) Limited has entered into a memorandum of understanding with the State Enterprise for Diplomatic Services (Kyrgyzdipservice) of Kyrgyz Republic for the development of Diplomatic City in the central Asian country at cost of $ 115 million (about Rs 575 crore).
The project to be completed over a period of three years includes construction of embassies, multi-storied residential complexes, schools, hospitals and an international convention centre. Spread over 13 acres, the total constructed area would be 1 million square feet.
Suchirindia and Kyrgyzdipservice would set up a JV for execution of the project. Suchirindia would have a 94 per cent shareholding in the JV while the remaining would be held by Kyrgyzdipservice.
Suchirindia CEO, Y Kiran, said the project would be funded through a mix of equity and debt in the ratio of 1: 1.5. The company proposes to raise about Rs 200 crore, which would be sufficient for meeting the requirements of the Kyrgyz project and also two other projects it was executing in Sri Lanka.