The state government has 370 acres in Gandipet near Chaitanya Bharati Institute of Technology and Huda has been allowed to auction about 100 acres.
The government got a favourable judgment in October 2007 after a prolonged legal battle in the AP High Court. Huda is very keen on the auctions since it has to raise Rs 5,210 crore in the current financial year. It will have to provide around Rs 2,500 crore to the government but will be able to use the rest of the money to complete ongoing projects including the Outer Ring Road.
Showing posts with label Private-public-partnership. Show all posts
Showing posts with label Private-public-partnership. Show all posts
Wednesday, December 5, 2007
Tuesday, October 16, 2007
VBC, My Home, EIH plan Rs 600 cr 5-star hotel
"Trident Hilton Hyderabad" in Madhapur:
VBC, My Home, EIH plan Rs 600 cr 5-star hotel
We have recently entered into a lease agreement with the Andhra Pradesh government for a long lease period of 66 years and paid an upfront fee of Rs18 crore for the 4.5 acre land,” Rama Rao told Mint, adding that the company has to offer 3% of the hotel revenues to the government under the agreement.
A special purpose vehicle titled Golden Jubilee Hotels Ltd was incorporated to execute the 20-storied hotel project and civil works were commenced last week. The hotel project with 500 suites and 140 service apartments is estimated to involve an investment of Rs 600 crore.
It would be executed through debt and equity components of 60% and 40%, respectively. The company has already tied-up the debt with banks that include State Bank of Hyderabad, Canara Bank and Union Bank of India.
Rama Rao said VBC group would hold an equity stake of 42%, My Home group 42%, while East India Hotels would have the balance 16% equity.
VBC, My Home, EIH plan Rs 600 cr 5-star hotel
We have recently entered into a lease agreement with the Andhra Pradesh government for a long lease period of 66 years and paid an upfront fee of Rs18 crore for the 4.5 acre land,” Rama Rao told Mint, adding that the company has to offer 3% of the hotel revenues to the government under the agreement.
A special purpose vehicle titled Golden Jubilee Hotels Ltd was incorporated to execute the 20-storied hotel project and civil works were commenced last week. The hotel project with 500 suites and 140 service apartments is estimated to involve an investment of Rs 600 crore.
It would be executed through debt and equity components of 60% and 40%, respectively. The company has already tied-up the debt with banks that include State Bank of Hyderabad, Canara Bank and Union Bank of India.
Rama Rao said VBC group would hold an equity stake of 42%, My Home group 42%, while East India Hotels would have the balance 16% equity.
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