GMR Infra earmarks ₹350-cr for biz-park in Hyderabad

GMR Infrastructure has planned to invest about ₹350 crore to set up its first office park on an area of over 1 million sq ft in Hyderabad in a phased manner. The group, which operates the Delhi and Hyderabad airports and has other infrastructure businesses in India, has been looking to monetize several non-core assets, including land parcels, to ensure adequate flow of funds to pare its debt and financing requirements for the on-going and upcoming projects, informed GMR's group CFO (strategic finance), Sushil Kumar Modi. Located in the vicinity of Rajiv Gandhi International Airport in Hyderabad, the 7-acre business park is being built as part of its planned GMR Airport City on a 1500-acre real estate development that would consist of hotels, retail space, logistics, entertainment, healthcare and educational institutions. Including the airport, GMR Airport Land Development - a subsidiary of GMR Infrastructure currently owns around 5,000 acres in Hyderabad comprising of five towers, with each spanning 2.4 lakh sq ft.