Suchirindia wins $255-mn tower project in Colombo

Hyderabad: Suchirindia, a Hyderabad-based real estate developer, in collaboration with NEB Rapid Infrastructure and the Sri Lankan Government will implement a $255-million twin tower project in Colombo.

A special purpose vehicle (SPV), called Suchir NEB Projects Pvt. Ltd, has been formed with an equity of $18 million. The debt component would be $102 million and the balance $135 million would be raised through advances.

Dr Y. Kiron, CEO , told newspersons that the twin towers would consist of 30 floors of commercial space and a 70-floor residential complex called Marvel.