Thursday, February 15, 2007

ICICI readies Rs 1000 cr, 44-floor Hyderabad hub

DNAIndia reports

HYDERABAD: If it is real estate in Hyderabad, then it has to be high rise. Latest to catch skyscraper syndrome is none other than ICICI Bank, India’s largest private sector bank, which is setting up a swank new office in the city - all of 44-stories and costing a whopping Rs 1,000 crore.

The building will come up over eight acres of prime real estate in the upcoming Financial District close to Hi-Tech City technopolis.

It will have other major financial institutions such as UBS and Franklin Templeton for neighbours.

The campus will house 25,000 employees who will among other things provide back office support to all other ICICI operations across the world.

“This will be the biggest ICICI office in the country,” said B P Acharya, vice chairman and managing director, of the AP Infrastructure Corporation (APIIC), talking about the project.

The bhoomi pujan for the project was conducted two weeks ago. K V Kamath, the bank’s managing director and CEO, could not make it for the event as he in Davos attending the World Economic Forum conclave.

100-storey towers coming up!

Interestingly, even though ICICI Bank’s will be one of the tallest offices in the country, it could nevertheless be dwarfed in Hyderabad.

The AP Infrastructure Corporation itself planning to build a 100-storied structure of its own in the planned Business District right next to the Financial District. The bids for the Business District are to be awarded soon with six companies in the race to bag the contract.

But that’s not all. Lanco Infrastructure is yet another company that is planning to build a 110-storied apartment and commercial complex, apart from 24 other high rises of 24-stories each at an information technology SEZ that is constructing a stone’s throw from the Hi-Tech city area.

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