M'rashtra to get $ 200 mn FDI in realty

The Maharashtra government's industrial infrastructure arm MIDC will jointly develop an integrated township with a New York-based realty firm Vorando Reality Trust at Hinjewadi on the outskirts of Pune.

Hinjewadi is known for housing some of well known IT companies like Infosys, Wipro, Oracle, IBM and others. Voreando will invest $200 million on the township which will be developed over the next five years.

The project will be developed jointly by MIDC and Vorando and a special purpose vehicle has been floated to execute the project - Vorandeo-Hinjewadi Township Pvt Ltd.

The shareholders agreement was signed by Rajiv Jalota, CEO, MIDC, Maharashtra, India and Michael Fascitelli, President, Vornado Realty Trust, USA at New York on Monday, on the sidelines of Maharashtra Investment Forum's two-day meet.