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Mr Ravi Raheja, son of Mr Chandu L. Raheja (centre), Chairman of K. Raheja Corp, and the Chief Minister, Mr N. Chandrababu Naidu, at the stone-laying ceremony of `Mindspace' in Cyberabad on Friday. - A. Roy Chowdhury

Hyderabad , Aug. 29

THE Mumbai-based diversified K. Raheja Group is set to invest over Rs 400 crore in Mindspace techno-campus-cum-park in Cyberabad. In phase one, an initial investment of about Rs 120 crore to Rs 150 crore would be made.

To be executed through a joint venture between the Raheja Group and Andhra Pradesh Industrial Infrastructure Corporation Ltd (APIIC), the former will have 90 per cent of the equity and the latter 10 per cent in the form of land and related infrastructure.

Laying the foundation stone for the Rs 120-crore phase one of the park, the Chief Minister, Mr N. Chandrababu Naidu, said the State has made rapid strides in the IT services and IT-enabled services space, and the entry of Rahejas, who have a great track record for such projects, will further spur activity.

He wanted the Rahejas to initiate work in Visakhapatnam-Bheemunipatnam corridor, which is being promoted as yet another important destination for IT-ES companies.

Out of the 110 acres allotted to the Rahejas, the phase one of the techno park, which will have a host of features including entertainment and other related infrastructure, it is proposed to take up work in six acres initially. Alongside the development of two buildings each hosting about 2.5 lakh sq. ft of built-up space, the developers plan to simultaneously initiate work on other related infrastructure.

The techno-campus project, which will be completed in about 6 months, will see a host of MNCs lining up. In about two months time, we will be able to announce who will join the park, a senior official of the Raheja Group said.

The Chairman of the K. Raheja Group, Mr C.L. Raheja, said in just about 36 months, Mindspace, Mumbai, has succeeded in creating stimulating job opportunities for over 20,000 professionals in diverse streams of businesses.

To be built in stages, the Mindspace park, will eventually have a total built-up space of about 45 lakh sq. ft over the next few years.

Many corporations are on an expansion spree and they are looking at alternative city options, and this facility will attract such corporations, a Raheja official said.

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