The Hindu Business Line : Prajay to begin work on techno park in July

Making money
The capital outlay for the parkis expected to be Rs 225 crore.
It is expected to yield Rs 415 crore in revenues and Rs 95 crore in profits over the next 30 months, the company said.

Hyderabad , May 25

Prajay Engineers Syndicate Ltd has announced that it would be commencing work on its prestigious project, the information technology park under SEZ model, titled `Prajay Techno Park' at Nacharam in the outskirts of Hyderabad in July.

The company has informed the stock exchanges that Prajay Techno Park would have over 1.35-million square feet of built up space and would offer a plug-and-play facility to IT companies with all contemporary amenities.

The capital outlay for the park is expected to be Rs 225 crore and the project is expected to yield Rs 415 crore in revenues and Rs 95 crore in profits over the next 30 months, the company said.

Appointing consultants

The company said it is currently in the process of appointing internationally reputed consultants for all services such as architecture, project management, landscaping, building management systems and other allied facilities.

Prajay Techno Park would have a large floor plan of almost 45,000 square feet ideal for multinational and large IT companies looking to set up or expand operations in India, the company said. Further, the company said it is already in advanced discussions with three multi-national corporations towards contracting 60-70 per cent of the total built-up space. Meanwhile, the allotment committee of the company's board of directors at its meeting on Wednesday has allotted 2,11,773 equity shares of Rs 10 each fully paid-up at a conversion price of Rs 75 per share to Morgan Dean Witter Mauritius Company Ltd in lieu of foreign currency convertible bonds.

The shareholders of Prajay Engineers at the EGM held on Thursday have approved the preferential issue of 40-lakh warrants convertible into equity shares to promoters and others at a price of Rs 183 per share. The EGM has also approved increasing the FII investment limit in the company to 74 per cent.

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