Three new SEZs for Hyderabad soon

Piramal Finance Pvt. Ltd. has funded Rs. 450 crores to the joint venture between Phoenix Group and Embassy Group for development of three Special Economic Zone (SEZ) in Hyderabad. The SEZs will be spread across 10 million sq. feet. The joint venture companies have joined hands to form Phoenix Embassy Tech Zone Pvt. Ltd., which will utilize the loan amount for approval and development of the three projects. Hyderabad saw 109% rise in office leasing space in 2016 and in the first quarter of Jan-March 2017, it witnessed uptake 1.3 million sq. feet office space. Piramal Group has been investing in Hyderabad since 2014 and the current investment takes the group's total investment in the city to more than Rs. 2000 crores. In the backdrop of good infrastructure growth potential in the commercial space as well as faster approvals, the company plans to remain invested in Hyderabad and has pledged additional Rs.2000 to 3000 crores through construction project funding.

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