Visu group takes up housing project in Africa

As part of this, the company is constructing one million low-income apartments apart from creating other infrastructure in Accra, one of the ten administrative regions in Ghana, a west African country.

The project would come up on about 5,000 acres given to the company free of cost by the government. In return, the company would subsidise the cost of the buildings. "The project in Accra will start within 6-9 months," he said, adding deliberations are on with the Nigerian government for taking up projects on similar business models.

The group, which has a presence in Nigeria and Ghana with interests in liquor manufacturing, power projects and others, also has plans to construct luxury houses and villas in Arcaa on about 1,000 acre at an investment of Rs 5,000 crore. Negotiations with various ministries are on, he said. The projects will be partly funded through debt.

On the domestic front, the group recently tied up with Chennai-based Arihant Foundation and Buildings to construct residential and office apartments on 53 acre in Guntur for Rs 975 crore. Besides, it is constructing two five-star hotels, including one with the Golden Tulip chain of hotels in Visakhapatnam. In Hyderabad, a five-star hotel is coming up at Hafizpet at a cost of Rs 200 crore and will be completed in two years.

It is also planning another hotel in Hyderabad at Gachibowli in association with the Hiranandani group. "It will be a major project and will cost about Rs 2,400 crore," he said.

Among other things, the chairman plans to launch a daily in Telugu in Hyderabad within six months. "The daily will follow the US model and will be single edition," he said. The firm recently launched a magazine, e-bhoomi, in Hyderabad.