Hirco to invest $5 bn in 10 years

Hirco, promoted by Hiranandanis, will invest up to Rs 25,000 crore ($5 bn) in developing two integrated townships in the country over the next 10 years. The company is currently developing two projects in Chennai and Panvel near Mumbai which will have both residential and commercial properties. The entire amount will be raised as debt and equity. Thirty per cent of the investment will be funded by the Hiranandani family. The Chennai township will have a developed area of 28 mn sq ft while Panvel will have 36 mn sq ft area. The average size of the apartments would be 1,100 sq ft and the flats would be offered at Rs 3,500 per sq ft. Contact: HIRCO. Tel: 022-2571 9000. Website: www.hirco.com