Sobha Developers has 23% stake
NEW DELHI: A special purpose vehicle two-thirds owned by Reliance Energy has won a contract to build a Rs 6,000 crore, 100-storeyed tower and a business centre in Manchirevula in Ranga Reddy district, in the outskirts of Hyderabad.
The other major partner in the project will be Sobha Developers with 23% stake in the SPV, and Andhra Pradesh Industrial Infrastructure Corporation (APIIC) with 11% stake. APIIC issued a letter of award (LoA) for the project to Reliance Energy last week.
The structures will come up through three modules.
The first module would have the 100-floor trade tower coming up on 30 acres in four years.
Another 47 acre would be used for constructing a business centre.
The second module would comprise developing Phase I of the business district on 30 acres in seven years. The third module will see development of Phase II on 16.28 acres.
Analysts said with Reliance Power spun off, REL is slowly metamorphosing into a major-league infrastructure player.
