Ahmedabad: Applewoods, a Rs 3,000 crore integrated township project of Ahmedabad-based Sandesh Group which publishes Gujarati daily Sandesh under the flagship firm The Sandesh Ltd, has got clearance from Ahmedabad Urban Development Authority (AUDA) to begin construction work, the group said in a statement.
The integrated township is located near Shela area on Sardar Patel Ring Road in Ahmedabad.
“Properties worth 90 lakh sq ft would be built on 128 acres of land. Apart from 400 bungalows and 3,500 apartments of different sizes, a corporate park has also been designed as part of the township. It will have 75% open spaces and tree plantations,” said Parthiv Patel, managing director, The Sandesh Ltd.
The township will utilize renewable energy, recycle water, manage solid waste and harvest rain water, he said in the statement. There will also be sewage and water treatment plants within the township. The developer will maintain the township for a period of 15 years and then handover the maintenance to the society members.
Icra revise long-term rating of R-Com debt
Credit rating agency Icra Ltd said on Wednesday that it has revised the long-term rating of some of Reliance Communications Ltd’s (R-Com) debt instruments downwards.
The rating on R-Com’s Rs5000 crore non-convertible debenture and Rs28,116 crore long-term fund and non-fund based limits to LAA from LAA+. The long term rating continues to remain under watch with negative implications, Icra said in its statement.
“The rating action takes into consideration the delay in proposed equity infusion and continuing regulatory uncertainty, which in Icra’s opinion may impact the company’s ability to deleverage its balance sheet,” Icra said.
The agency added that R-Com’s ability to service short-term debt repayment obligations had eased considerably with the company availing a long-term facility of $1.93 billion from the China Development Bank.
R-Infra commences toll collection on road project
Reliance Infrastructure td (R-Infra), the infrastructure services arm of the Anil Ambani-led Reliance Group said on Wednesday that it commenced toll collection and widening work on its fourth road project, which connects Bengaluru and Chennai.
The road, part of the Golden Quadrilateral, is being built on a build, operate, transfer (BOT) basis with a concession period of 26 years.
The project is a part of the 11 road projects being developed by R-Infra valued at around Rs12,500 crore.
R-Cap to launch an investor awareness program
Reliance Securities Ltd, the broking arm of Reliance Capital Ltd (R-Cap) said on Wednesday that it is launching an investor awareness program. The broking arm of R-Cap, the financial services company of the Anil Ambani-led Reliance Group plans to cover 150,000 investors under this program this fiscal.
”Our focus would be on Tier-2, Tier 3 cities where we feel investors have not been able to participate in the entire exercise of wealth creation because of lack of information or inadequate hand-holding preventing them from taking the first step,” said Vikrant Gugnani, executive director, Reliance Securities.