The Hindu Business Line : RR Ind plans township in Madurai

Mr R. Ravi, Managing Director, RR Industries, said that the company has invested in 400 acres of land near Madurai airport. Land cost worked out to about Rs 90 crore, he said.

The company has set up a special purpose vehicle called Rudradev Township. In the first phase, the company plans to invest Rs 600 crore and develop one million sq ft of IT park space and 3,000 apartments, he said.

Funding pattern

The funding would be partly equity, deposits and debt. Depending on the demand, the rest of the space will be developed, Mr Ravi said.

A part of the IT park complex and some apartments (about 50 acres) would be in a special economic zone.

Biomass plants

The company plans to set up its own biomass plants, Mr Ravi said. The facility would be developed over a period of four to seven years.

The township would include seven million sq ft of IT park space, 25,000 apartments, four shopping malls, two multiplexes, two hospitals, two hotels, two recreation clubs, restaurants and cafes.

RR Industries has developed four facilities of six-lakh sq ft and is in the process of developing 2.2 milion sq feet of space in Ambattur at a project cost of Rs 510 crore.

Earlier this month, the company announced its plans to set up a flight-training academy in Chennai investing Rs 770 crore.

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