Suchirindia Developers, the Hyderabad-based infrastructure major, will diversify its business into entertainment, hospitality and theme parks. With immediate plans to set up a casino in Colombo, the company is awaiting necessary clearances from the Sri Lankan Government. The company, according to a senior official, has embarked on a massive expansion-cum-diversification plan which entails overall spend of Rs 2,000 crore in the next three years.
Y Kiron, CEO, Suchirindia Developers said, “The company, which is into infrastructure and mining, is foraying into hospitality and theme parks, which would provide entertainment-cum-business conference features for corporates.”
“We will unveil two more projects shortly, including Darling Cave at Shamirpet, and negotiating for another one in Central Business District,” Kiron added.
“As a part of the hospitality business, we are in the process of finalising plans for establishing a chain of six budget hotels in the country,” Kiron said. These hotels, with an investment of Rs 30 crore each, are planned in Mysore, Bangalore, New Delhi, Chennai, Hyderabad and Kolkata. The company will be able to utilise the large land bank of over 3,500 acres it has created in several States.
Suchirindia has announced the Papyrus Port, an Egyptian resort-type theme park, about 15 km from the new international airport in Hyderabad, with an investment of Rs 20 crore. Meanwhile, it plans to invest Rs 40 crore for the second phase.
Friday, December 26, 2008
Chandigarh film city project
Parsvnath Developers, the New Delhi-based real estate major, has reportedly pull out of the proposed Rs 800 crore multimedia centre-cum-film city project in Sarangpur near Chandigarh. The project, which was planned by Chandigarh administration, was aimed at promoting cinematic tourism in the union territory (UT).
Officials in the UT administration associated with the Film City project admitted that they have received an application from Parsvnath Developers in which the company has claimed a refund of its initial deposit of Rs 47.75 crore, along with interest.
According to UT officials, the real estate major backed out of the film city project due to the inter-state demarcation of the site and non-removal of two power lines (owned by the Punjab State Electricity Board) till date.
The multimedia film city project had envisaged a film studio, a multimedia park, a multimedia entertainment centre and a multimedia college and research centre. The film city would have also boasted of a digital studio to facilitate film and television production, post-production facilities for digital films, high-tech animation facility, high-tech gaming facility and a cafeteria.
The much-awaited film city project was awarded to Parsvnath on March 1, 2007, and has been mired in various controversies since then.
The agreement for the project was signed on March 1, 2007, and a special subsidiary -- Parsvnath Film City Ltd -- was also floated for implementing the project. Also, the developers had paid Rs 47.75 crore to the UT administration and according to the agreement, the balance amount was to be paid within 90 days of the signing of the agreement. Besides, the site was required to be developed within 36 months. However, Parsvnath officials could not be reached for comment.
Officials in the UT administration associated with the Film City project admitted that they have received an application from Parsvnath Developers in which the company has claimed a refund of its initial deposit of Rs 47.75 crore, along with interest.
According to UT officials, the real estate major backed out of the film city project due to the inter-state demarcation of the site and non-removal of two power lines (owned by the Punjab State Electricity Board) till date.
The multimedia film city project had envisaged a film studio, a multimedia park, a multimedia entertainment centre and a multimedia college and research centre. The film city would have also boasted of a digital studio to facilitate film and television production, post-production facilities for digital films, high-tech animation facility, high-tech gaming facility and a cafeteria.
The much-awaited film city project was awarded to Parsvnath on March 1, 2007, and has been mired in various controversies since then.
The agreement for the project was signed on March 1, 2007, and a special subsidiary -- Parsvnath Film City Ltd -- was also floated for implementing the project. Also, the developers had paid Rs 47.75 crore to the UT administration and according to the agreement, the balance amount was to be paid within 90 days of the signing of the agreement. Besides, the site was required to be developed within 36 months. However, Parsvnath officials could not be reached for comment.
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