SuchirIndia to build twin towers in Lanka

Suchirindia, a Hyderabad-based real estate business group, has ventured into construction of twin towers of 30 floors and 70 floors at Colombo in Sri Lanka.

The tower complex, to be undertaken in collaboration with NEB Rapid Infrastructure and the Government of Sri Lanka, will be developed at a cost of $ 255 million, of which which debt funding will be $ 102 million and equity funding $ 18 million. The balance would be mobolised from various institutions.

The project is scheduled to be completed by March 2012. Speaking to the media here on Monday, CEO of Suchirindia Y Kiron said that the complex would comprise a 30-floor commercial tower and a 70-floor residential tower and the total builtup area of the twin towers would be three million square feet.

He said that Metro Rail in Colombo was being developed by a joint venture partner, NEB Rapid Infrastructure Project Private Limited. Suchirindia was planning more such projects overseas, especially in the African continent, he said.

“We expanded our operations to Karnataka and are now going to enter Madya Pradesh and Bihar soon,” he claimed.

Source: siasat