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GMR Infrastructure to pump Rs 350 cr to set up business park

Monday, 13 May 2019
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GMR Infrastructure is planning to make an investment of around Rs 350 crore to set up its first office park spread over one million sq ft in Hyderabad, Telangana. The investment will be funded through a mix of debt and internal accruals.

The project will be executed in the next three-four years as part of its larger land monetisation plan. The park is located in the vicinity of Rajiv Gandhi International Airport, Hyderabad.

The park which will span over seven acre of land area is being planned as a part of planned GMR Airport City, a 1,500 acre real estate development that will consist mostly of hotels, retail space, logistics, entertainment, healthcare and educational institutions. Comprising five towers with each spanning across 2.4 lakh sq ft, the business park will be built in two phases. Phase-I of the project was launched recently.

GMR Hyderabad Aerotropolis, a 100 percent subsidiary of GMR Hyderabad International Airport, will be developing the Airport City, including the business park.

The company has also carved out a 120 acre logistics and warehousing park as well as a 19 acre retail development. It has signed a memorandum of understanding (MoU) with Singapore-based E-Shang Redwood (ESR) to develop the logistics park, while the retail space is still in initial stages of planning.

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