A consortium of IL&FS Transportation Networks Ltd and its subsidiary Futurcage Infrastructure India Limited had been mandated with a project to develop an integrated multi level automatic car parking facility and real estate portion of approx 4944 sq. metres at Khilwat, Hyderabad by the Greater Hyderabad Municipal Corporation (GHMC).
The Concession Agreement was signed on May 25, 2012 for a period of 30 years including construction period of two years. The estimated cost of the entire project is Rs. 72.54 crore and the revenue to the project shall accrue from parking fee and leasing of retail space during the concession period.
In a statement to the BSE, the Company has said that the financial tie-up of loan for a sum of Rs. 47.15 crore has been achieved and loan agreements were executed with Central Bank of India on November 16, 2012.