HYDERABAD: GMR Infrastructure Ltd plans to invest around ₹350 crores in installing its first workplace park spread over 1 million sqft in Hyderabad in the next three-four years as part of its large land monetization plan, said a top enterprise govt. The New-Delhi based institution, which operates Delhi and Hyderabad airports aside from other infrastructure corporations in India, has been trying to monetize several non-middle properties such as land parcels to deliver down its mounting debt.
As of March 31, 2018, GMR Infrastructure’s overall debt stood at around ₹20,000 crores. Following funding of about ₹8000 crores into the airport business in March this 12 months with the aid of Tata Group and two foreign investment corporations, GMR’s outstanding debt is likely to fall to about ₹12,000 crores, Sushil Kumar Modi, GMR’s organization chief economical officer (strategic finance) had stated.
Located in Rajiv Gandhi International Airport, Hyderabad, the 7-acre enterprise park is being constructed as part of its deliberate GMR Airport City, a 1500-acre actual property development that might consist mainly of lodges, retail space, logistics, amusement, healthcare, and academic institutions. Including the airport, GMR Airport Land Development – a subsidiary of GMR Infrastructure currently owns around 5000 acres in Hyderabad. Comprising of 5 towers spanning 2.4 lakh sqft, the enterprise park might be constructed in two phases. “We will whole the complete assignment in subsequent three-four years depending at the demand for office area within the surrounding region.