Lahari Infrastruaure has invested close to Rs 400 crore on land in a special economic zone in the state. It has partnered with realty developer Hiranandani for the project which has just got off the ground.
The SEZ project will be developed over 15 million square meters of land. Around two million square feet’ will be developed in the first phase that is slated for completion by 2011. SEZs are tax-free zones meant to promote exports.
“After the first phase, around 1.5 million square feet of land will be developed every year,” said Lahari Group chairman Hari Babu. According to him the Hiranadani group is in talks with the country’s largest bank State Bank of India for Rs 300 crore to fund the first phase.
The Hiranandani Group holds a 70% stake in the SEZ, while Lahari Infrastruaure holds the balance 30%. The equity holding is in the form of land. Hiranandani will develop the infrastructure over the next 12 years or so. The companies have inked an agreement with an undisclosed company to lease out 1 million square feet.
Two companies including Suven life Sciences will take on lease 1 lakh square feet each after the completion. The SEZ, called Hiranandani Upscale, will have facilities for Information Technology (IT), IT Services, Banking and Education apart from a free-trade zone and warehouse. The joint venture has to be approved by the Hyderabad Urban Development Authority and Environmental Clearances. The turn over of the Lahiri group was around Rs 70 crore in FY 08.