Township to get $200 mn FDI

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.

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.

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

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.