Real Estate

Cybercity to develop satellite township; to set up 10 MW solar park

V. Rishi Kumar Hyderabad | Updated on January 23, 2018 Published on August 27, 2015

Venu Vinod

Real estate company Cybercity Builders & Developers has embarked on a major expansion plan to set up a satellite township on a 100-acre site near IT hub of Hyderabad abutting the Mumbai highway, close to the terminal point of Hyderabad metro rail project.

Apart from taking up third phase project at Rainbow Vistas close to the Hitec City, and development of Signature Towers, the company has also teamed up with Shriram Group, for a realty project. New projects are planned in Visakhapatnam and is finalising another venture in Bangalore.

Venu Vinod, Managing Director of Cybercity, told Business Line, “The company has embarked on next phase of growth and is expected to close a major private equity-cum-debt deal of Rs 225 crore with a US–based company shortly. The due diligence for the process has concluded and term sheets would shortly be inked. The deal is being assisted by KPMG.”

“We had earlier this year received Rs 75 crore from IDFC arm and expect to retire that once this PE deal is concluded. Rating agency Crisil is engaged for rating related work,” he explained.

The services of architect Hafeez Contractor have been enlisted for the satellite township project the expansion of the Rainbow Vistas. Most of the regulatory clearances have been received for expansion, including from the aviation authorities for the tower project, he said.

The Rainbow Vistas project coming up on a 68-acre site would later have a villa project and a Signature tower. The proposed five-star hotel project would be managed by Hyatt.

Solar Park

Cybercity is setting up a 10 mw solar park of solar photo-voltaic park of 5 mw each in Ranga Reddy and Nalgonda districts in Telangana with an outlay of about Rs 60 crore. “The power purchase agreement has been inked and the contract for execution of the project has been awarded to European company Juwi. We expect the project to be completed by March 2016,” he said.

Published on August 27, 2015
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