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Chennai, July 10 Arihant Foundations & Housing Ltd will promote a Rs 650-crore residential and commercial complex near Vijayawada. The project is to be launched by the year-end.

According to information provided by the company to the stock exchange, it has promoted a special purpose vehicle, Indo African Infra Developers & Builders Pvt Ltd, which has entered into an agreement with the Vijayawada, Guntur, Tenali, Mangalagiri Urban Development Authority (VGTM UDA), Hyderabad, to develop the township spread over 53 acres. The built up area would be 4.6 million sq ft.

According to Mr Kamal Lunawath, Managing Director, Arihant Foundations, the company holds a 45 per cent stake in Indo African Infra Developers, and the Hyderabad-based Indo African Industries 45 per cent with the balance with friends and relatives of Indo African Industries.

The company won the bid called by the VGTM UDA for the residential component of a larger project that envisages an integrated facility along with an IT SEZ, a cricket stadium and an international school.

Over 3,000 apartments would come up over a five-year period at the township coming up 12 km from Vijayawada on the Guntur route. With the project cost at Rs 650 crore, the revenues would be more than Rs 1,000 crore. The project would be launched around Diwali this year, he said.

On the exchange today, the company’s shares opened at Rs 342 and closed at Rs 377.75 after a high of Rs 390.

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