ITE Group to set up Rs 27cr food court in Hyd

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.

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."

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.

"The group has earmarked around Rs 20-25 crore for the multi-level car parking project," he said.

"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.

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."

Ramana also said that the group was planning to come up with similar projects in Ludhiana, Jaipur and Guwahati.

"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.

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.