REL bags Rs 6000cr Andhra govt deal

A consortium led by Anil Ambani group firm Reliance Energy has secured a Rs 6,000 crore project from the Andhra Pradesh government for development of a 100-storey trade tower and business district.

The consortium received a letter of award from Andhra Pradesh Industrial Infrastructure Corporation (APIIC) for the project, which involves development of over 77 acres of land, said sources.

"The trade tower would be the tallest building in India," the source added.

The contract involves design, development, funding, construction, marketing, operation and maintenance of the project, for which a special purpose vehicle would be formed by the consortium and APIIC.

The project would be completed in three phases. In the first phase, the trade tower would be set up over four million sq ft.

The second module would comprise developing the business district on 30 acres in seven years.

Development of phase II of the business district on the remaining 16.28 acres would form part of the third module, the sources said.