Information technology Tata Consultancy Services on Friday said Tata Realty And Infrastructure Ltd (TRIL), engaged in development of real estate and infrastructural facilities, will develop its properties.
TCS have entered into a Memorandum of Understanding (MoU) with TRIL for developing properties for the IT company on land owned or to be owned by it.
The MoU covers eight properties located at Pune, Trivandrum, Kochi, Ahmedabad, Hyderabad, Kolkata, Nagpur and Mangalore about 380 acres acquired or to be acquired by TCS, the company said in a statement to the Bombay Stock Exchange.
Under the MoU, properties would be developed in a phased manner over the next few years. The buildings would be constructed and owned by TRIL (or by Special Purpose Vehicles set up by TRIL) and would be leased to TCS.
TCS and TRIL are both promoted by and subsidiaries of Tata Sons Ltd.
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RK Krishna Kumar, Tata Sons director is driving the initiative. Kumar has brought on board Dinesh Chandiok, the former CEO of Ansal Properties to head Tata Realty. KPMG, International Consultancy firm is also making contributions in drawing out the working strategies for the Tata’s real estate business.(Indian Realty News)
Merchant airports are expected to allow up to 100% foreign ownership; investors could even be foreign airport companies or airlines.
Merchant airports would cater to domestic and international passenger traffic apart from meeting cargo requirements of industry and retail chains. The policy on greenfield airports allows private developers but the land is to be acquired by the state government.(Aviation India)Real Estate India)Nashik Real Estate)Chennai Real Estate Property)
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