REL, Sobha win Rs 6,400cr project in Hyd

A consortium led by Reliance Energy has emerged as the successful bidder for the Rs 6,400 crore business district project proposed in Hyderabad by the state-owned Andhra Pradesh Industrial Infrastructure Corporation(APIIC).

The project will have three modules, including a 100-plus storied tower, and is scheduled to be completed in three years. The project is expected to be completed in five years.

According to an official of Reliance Energy, the business district project will have a built-up area of about 11 million square feet. This is the first major infrastructure project being taken up by the Anil Dhirubhai Ambani Group in Andhra Pradesh.

Reliance Energy will hold 66% equity in the project while its joint venture partner, Sobha Developers, will hold 23% stake. The remaining 11% equity is held by APIIC towards the land component of the project.