NY-based Vorando to invest $200mn in Pune

Maharashta Industrial Development Corporation (MIDC) and New York-based realty firm Vorando Reality Trust will jointly develop an integrated township project at Hinjewadi on the outskirts of Pune.

Vorando will invest $200 million in the project, which will be developed over the next five years.

A special purpose vehicle (SPV), Vorandeo-Hinjewadi Township, has been floated to execute the project coming up on 50 acre. MIDC will hold 11% stake in the SPV.