SriCity eyes $30-mn PE funding.

SriCity, an integrated business park which recently signed memoranda of understanding (MoUs) with Pepsi, Isuzu, Cadbury and others, is planning to raise $30 million from PE investors.

'SriCity invested Rs. 1,000 crore to set up infrastructure and to acquire land and plans to invest Rs. 250-300 crore every year on infrastructure development. These include roads, water, data connections and solar power. To support these investments, the company plans to raise money from private equity (PE) investors,' said Ravindra Sannareddy, managing director, Sri City.

The company is also looking at the electronics manufacturing industry and planning to create new clusters inside the business park. Sannareddy said the company is in talks with the Taiwanese and Japanese governments, which are planning to set up exclusive clusters inside the business park.

BS