JV to develop third phase of Hitec City

By Our Special Correspondent

HYDERABAD, OCT. 18. The Singapore based Ascendas Pte has signed an agreement with L & T Infocity (LTIL) to form a 50:50 joint venture company to take up the development of the third phase of Hitec City here. Ascendas is a subsidiary of the Singapore based JTC Corporation.

According to the agreement, the new JV (to be named) will develop 5 lakh sq ft on five acres out of the 151 acres that constitute the HITEC City. Construction is expected to begin in the first quarter of 2002.

While things have not been finalised, Mr. A. Ramakrishna, Director, LTIL, said the tentative outlay would be about Rs. 150 crores for the third phase, with both partners likely to bring in equity of Rs. 15 crores each.

The focus of the joint venture will be on software design companies, call centre operations and IT enabled services.

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Section  : Business
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