Hyderabad: L&T Infocity, the engineering, construction and contracts (ECC) division of Larsen & Toubro (L&T), and Ascendas Pte Ltd have a floated a joint venture, LTIAL, to construct a built-to-suit facility, Cyberpearl, for HSBC in Hyderabad.
A Ramakrishna, deputy-managing director, L&T Infocity, said that the facility would be around eight lakh square feet comprising two buildings and is modelled on a similar project developed for HSBC in Visakhapatnam.
"The total cost of the project is estimated to be around Rs200 crore and will be given on a nine-year lease to HSBC," he said. The project is due for completion in 15 months. Already, companies like HSBC and US-based Market Tools, as well as local IT corporations such as Nipuna and Keane India have taken space in 80 per cent of the building.
Dr Y S Rajasekhara Reddy, the chief minister of Andhra Pradesh and Lim Boon Heng, Singapore's minister in the prime minister's office were present at the inauguration, presided by A Ramakrishna, deputy managing director of Larsen & Toubro (L&T) and chairman of L&T Infocity-Ascendas Ltd (LTIAL), and Ms Chong Siak Ching, president and CEO of Ascendas and vice-chairman of LTIAL were also present.
Cyber Pearl is Ascendas' first venture in Hyderabad, and its third in India following the International Tech Park Bangalore, its flagship project in Karnataka, and Gurgaon Tech Park in Haryana. A fourth project, the International Tech Park, Chennai, is being developed. Infocity to build facility for HSBC
This is the first park in Hyderabad to provide a fully equipped health club, business center. cafeteria and retail shops. The total work-play environment model is a proven success in many of Ascendas projects such as the International Tech Park, Bangalore, and the Singapore Science Park.