The state government's industrial infrastructure arm MIDC will jointly develop an integrated township with New York-based realty firm at Hinjewadi on the outskirts of Pune which is known for housing some of world's best-known IT companies like Infosys, Wipro, Oracle, IBM among others. | |
| Vornado will invest $200 million in the township project which will be developed over the next five years. |
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| The project will be developed jointly by MIDC and Vornado, and a special pur-pose vehicle (SPV) has been floated to execute the township project called Vornado-Hinjewadi Township Pvt Ltd. The project will come up on 50 acres and MIDC will hold a 11 per cent stake in the SPV. |
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| The shareholders' agreement was signed by Rajiv Jalota, CEO, MIDC, and Michael Fascitelli, President, Vornado Realty Trust, New York, on the sidelines of Maharashtra Investment Forum¿s two-day meet |
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| CM Vilasrao Deshmukh, Minister of Industries Ashok Chavan, Chief Secretary Johnny Joseph, U C Sarangi, principal secretary to CM V K Jairath, principal secretary (industries), and Purnendu Chatterjee, Chairman, TCG and Nikhil Gera, Vice President of Vornado Realty Trust were present. |
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