Mopurapalli(vill) | school

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  m.sivashankar (guest)

  The Andhra Pradesh cabinet has cleared the proposal of Satyavedu Reserve Infracity (SRI) Private Limited, promoted by a US-based NRI, for setting up of a multi-product and multi-zone special economic zone (SEZ) in a 5,000-acre area near the Andhra-Tamil Nadu border. The company promoter, Ravindra Sannareddy, has already signed an MoU with the state government for setting up the project and also deposited a portion of the amount required for land acquisition with the authorities. Besides being the chairman of Megasoft, Ravindra Sannareddy is having financial interests in a Hyderabad-based media group. The developer has proposed to invest about Rs 700 crore for the development of infrastructure in the multi-product SEZ, which is expected to attract an investment of Rs 8,000 crore to Rs 12,000 crore, according to a press release. According to sources, Hyderabad-based venture capitalist Srini Raju, founder and managing director of iLabs Capital Private Limited, is expected to pump up to Rs 100 crore into the project, while Raj Reddy, a professor in Carnegie Mellon University and former IT adviser to former US president Bill Clinton, is one of the key investors in the project. Besides Raj Reddy, Singapore-based Jurong’s Indian subsidiary will also be taking equity in the project, sources said. Jurong has been appointed as the project consultant by SRI Private Limited. The state-owned Andhra Pradesh Industrial Infrastructure Corporation(APIIC), which has initiated land acquisition for the project, is expected to hold about 11 per cent equity in the project. It may be recalled that the Board of Approval under the Union commerce ministry gave in-principle approval for SEZ status to the project a couple of days back. The project developer is planning to raise about Rs 300 crore from banks for which the company has already received letters from a consortium of leading banks.

  18 years ago | reply | hide comment