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| Malaxmi to set up agritech rural centre |
| B Krishna Mohan / Chennai/ Hyderabad Nov 04, 2009, 00:31 IST |
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City-based Malaxmi Group is proposing to set up an agritech rural centre either in Krishna or Medak district of Andhra Pradesh. The outlay will be about Rs 100 crore which will be part financed by private equity players.
According to group chairman Y Harish Chandra Prasad, the proposed park will have vegetable processing and cold storage facilities besides bamboo, vegetable and dairy farms. It will be built on the lines of a resort and will also have a green building.
“We have land banks in Krishna and Medak districts. We will finalise the location shortly,” he said, adding it would take a year for the project to materialise and another three years for completion.
The company is already doing a pilot at Gandipet here and is studying the bamboo cultures suitable for the state.
Prasad said the infra division would form a new vertical - Malaxmi Dwellings - to take up housing and commercial complexes in Hyderabad, where it has created a land bank. Initially, it would start with a small equity of Rs 20 crore as it already has a land bank in Kokapet and other places in the city. “The slowdown has allowed has to get land at realistic prices,” he said.
The group is already implementing the Bramhini IT and ITeS Special Economic Zone project with Mantri Developers at Kondapur in the city. Besides, through its Malaxmi Foundation, it plans to set up educational institutions on about 100 acre near Vijayawada in Krishna district. The project would start operations during the financial year 2010-11. “We will invest about Rs 300 crore over the next three years for various projects to be taken up by Malaxmi Infra,” he said.
The group also recently appointed a team of experts to scout for possible acquisition targets for its mining business. It has put a seed capital of Rs 5 crore for the spadework.
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