The Hindu Business Line : UK co takes 49 pc stake in Manjeera Construction

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Hyderabad Jan. 29 Trinity Capital, UK, has announced ambitious plans to invest up to £9.1m to develop commercial, retail and residential space in Hyderabad, which it termed as one of the fastest growing cities in the country.

In its first venture, it will take a 49 per cent equity in a Special Purpose Vehicle (SPV), formed jointly with the Hyderabad-based Manjeera Construcion Company Limited (MCCL).

MCCL has floated the SPV called Manjeera Retail Holdings Pvt Ltd for developing a Rs 550-crore `mixed use' project over 8 acres in the fast-growing Kukatpally area of the city, said Mr B. Yoganand, Managing Director of MCCL.

"We have given 49 per cent to Trinity and will hold the balance in the SPV. The project is FDI compliant also," Mr Yoganand told Business Line here. About 2.5 million sq ft of area is to be developed in four blocks in the project.

PROJECT PLAN

In a press release from New Delhi, Trinity said the project seeks to address the need for good quality commercial, retail and residential facilities. The company with its project partner, will seek to develop 1.27 million sq ft of office space, 1 million sq ft of retail and cine multiplex space and 419,000 sq ft of residential space within the next three and a half years.

MCCL has already developed over 2 million sq ft of commercial, hospitality and residential space in the city.

Mr Aashish Kalra, Managing Director of Trikona Capital, which facilitated the deal, said: "Hyderabad is undergoing a rapid transformation driven by the growth of its IT industry. This project represents an exciting opportunity for Trinity to address the need for state of the art commercial and retail facilities and build a sustainable community that will appeal to businesses and individuals alike."