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TSI Ventures to develop IT tower in Hyderabad

Our Regional Bureau  |  Chennai/ Hyderabad 

TSI Ventures (India) Private Limited, a joint venture of American property developer, Tishman Speyer, and ICICI Ventures, is planning to develop a 20-storied IT tower at a cost of Rs 225 crore in Hyderabad.
The project will be completed within two years, according to K Ratna Prabha, secretary, Information Technology & Communications department.
The state cabinet, which met here today, approved a proposal to allot 12-acre land at the software units layout developed by the Andhra Pradesh Industrial Infrastructure Corporation (APIIC) in Nanakramguda here. The company is acquiring the land at Rs 4.27 crore an acre from APIIC.
The company plans to develop between 1 million sft and 1.5 million sft of IT office space to attract IT MNCs and Fortune 500 to the proposed tower, according to a press release issued by the government.
The project is expected to generate at least 7,000 IT jobs. TSI Ventures is the largest private equity and venture fund management company in the country.
Meanwhile is also bidding for the development of Business District, which will have more than 60-storied trade towers, proposed by the state government.
Ratna Prabha said the proposed IT tower in Hyderabad was the company's first high-rise venture in India as well as in Asia.
Allotment of land to property developers was part of the government's policy to create 'plug & play' IT infrastructure in the state, she added.

First Published: Sat, July 08 2006. 00:00 IST