Reliance Infrastructure to restructure Rs. 7,000 crore project.

A Telangana government entity has approved a restructuring plan by consultancy firm EY for a project that includes a 100-storey trade tower in Hyderabad. Reliance Infrastructure, the company which was to implement the Rs. 7,000-crore project, is hoping that the government will give the plan its go-ahead to the stalled venture.

Reliance Infrastructure had proposed to build the project on 76.2 acre at Manchirevula on Hyderabad outskirts, involving 20 million square feet of built-up area. Industrial Infrastructure Corporation (IIC), a government arm, will have 11 per cent equity holding in the special purpose vehicle executing the project.

A senior IIC executive, who did not want to be identified, said Reliance Infrastructure paid a little over half of agreed amount of Rs. 527 crore through debentures and cash but could not pay the rest. It is now seeking waivers for the remaining payments and penal charges and wants to first execute a business district project and take up the tower project later.

TOI