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|May 20, 1998||
L&T rolls out Hi-Tec City road show in Dubai
Sonny Abraham in Dubai
Larsen and Toubro held a road show here last night to attract non-resident Indian investments for its Hi-Tec City project in Hyderabad.
The 'L&T Construction Meet 98' was the first of its kind organised by the company outside India to highlight its engineering and construction services.
A Ramakrishna, member of the board and president (operations), L&T, told local reporters before the presentation that the show was aimed at acquainting NRIs in this region with the company's property development activities.
Hi-Tec City, or the Hyderabad Information Technology Engineering Consultancy City, will be India's largest software park and is being developed by L&T Infocity Limited, a joint venture between L&T and the Andhra Pradesh Industrial Infrastructure Corporation Limited.
Some of the world's best information technology companies are expected to take office space in the 158-acre project.
The first phase, including an 11-storeyed circular building, is expected to be ready by the end of July this year.
"The companies will start functioning there by October...We have already filled up 40 per cent of the office space," Ramakrishna said.
The project will offer 4 million square feet of commercial space. L&T, which has an 89 per cent stake in the project, is marketing the space both within and outside India.
"We will begin work on the second phase after selling 90 per cent of the space in the first phase," Ramakrishna said.
L&T officials are confident that the integrated complex, which would also include apartments, a luxury hotel and a convention centre, would prove to be of interest to NRI investors in the Gulf, the United States and elsewhere.
H S Chandrasekhar, general manager (property development), L&T, said several NRIs here have evinced interest in the project and company officials had scheduled a one-to-one meetings with them this morning.
J R K Rao, executive director of APIIC, was also present at last night's function.
Company officials said many NRIs in the US, especially those hailing from Andhra Pradesh, have given indications that they are interested in the project.
L&T is planning to arrange for financing facilities and rent out space in the complex, they said.
Besides Hi-Tec City, the company is also focussing on its residential and commercial projects in cities such as Bangalore, Coimbatore, Kochi, New Bombay and Calcutta.
Chandrasekhar said the company would soon launch projects at Worli in Bombay and Gurgaon near Delhi.
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