MANCHIREVULA l APIIC Reliance Tower l 100 Floors l 450 m l App

[Gudavalli]

Originally Posted by karkal

I think we should nominate this tower for the new competition currently going on

http://www.skyscrapercity.com/announ...p?f=450&a=1484

Unfortunately, we don't have any accurate renders for this tower. But you could look at the Signature Tower

[dunefreezer]

I don't know why we should nominate something that doesn't have a render. I mean the point of the competition is best design and we don't really know what it looks like. Forget it.

[baymanu]

could you pls forward the latest updates of this project?

[kailash9999]

Originally Posted by baymanu

could you pls forward the latest updates of this project?

Whatever updates available to us have been posted in the previous page. Check Posts #338, #344, #353.

[Prodigist]

Anil Ambani's Reliance group, China's Wanda to form township joint venture

Source: Economic Times

MUMBAI: Anil Ambani-led Reliance Group today signed an agreement with China's retail player Wanda Group to set up a joint venture for building integrated township projects in India.

The two will initially develop 135 acres owned by Reliance Communications Ltd (RCom) in Navi Mumbai and 80 acreas with Reliance Infrastructure (RInra) in Hyderabad. RCom and RInfra are part of Reliance Group.

The two firms signed a MoU to "set up a joint venture for strategic long term partnership between the two groups, covering several areas of mutual interest," it said in a press statement here.

The first priority of the joint venture will "develop integrated township projects in India, including but not limited to commercial buildings and residential condos / apartments, hotels and retail space," it said.

Wanda group is the leading real estate developer in the world, and has built over 130 million square feet property in 66 integrated projects across 50 cities in China.

Reliance Group said Wanda's expertise will be utilised initially for the Dhirubhai Ambani Knowledge City complex in Navi Mumbai owned by Reliance Communications Ltd, covering an area of 135 acres, and having the potential for development of over 10 million sq ft.

Also, a new business district project in Hyderabad, covering an area of 80 acres owned by Reliance Infrastructure Ltd, having "unlimited" FSI for development for commercial and residential purposes and hotels with plans to develop up to 10 million sq ft area in a phased manner will be taken up.

Wanda Group, which is also a leading multiplex player in the world with over 6,000 screens, and Reliance MediaWorks Ltd will explore possible co-operation in the multiplexes business in India and the US.

Reliance Group Chairman, Anil D Ambani said, "Over the past few years, Reliance Group has become the single largest trading partner between India and China. We have built strong relationships with a large number of leading corporates, and major financial institutions and banks in China.

"We are now looking forward to extend our strategic partnership to the highly successful and dynamic Wanda Group, in a manner that will tremendously benefit both Groups, and unlock substantial value for millions of all our stakeholders."

Wanda Group Chairman Wang Jianlin said: "Wanda and Reliance are two of the largest private conglomerates in their respective countries. By joining our strengths together, we hope our cooperation will bring mutual benefits and great results."

[kailash9999]

Thats freaking amazing news, thanks for posting it here Prodigist ! Can't wait to see some proper renders of this project, its been long over due, and this strategic alliance is one step further for the project, wish to see some further movement on the ground from here on

[kdlara007]

Originally Posted by kailash9999

Thats freaking amazing news, thanks for posting it here Prodigist ! Can't wait to see some proper renders of this project, its been long over due, and this strategic alliance is one step further for the project, wish to see some further movement on the ground from here on

Great news! I know, We all have been waiting for some good news related to APIIC-Rel infra's Manchirevula project for years since recession. Hopefully, R infra-wanda JV would make this project a reality from now.

[Gudavalli]

Indeed this is a big news. Have been waiting for a long time on an announcement on this.

Looking forward for some further specific details about the projects & the of course the APIIC Tower.

[Gudavalli]

Reliance Group, China’s Wanda to form JV

The joint venture’s first priority will be to build integrated township projects in India, the two firms said

Updated: Thu, Dec 13 2012. 09 42 PM IST
Mumbai: The Anil Ambani-led Reliance Group will develop land it owns through a joint venture with a Chinese conglomerate, the Dalian Wanda Group (Wanda), joining a list of Indian business houses that have started tapping the monetary potential of their land assets.
It also highlights the Ambani-led conglomerate’s deep ties with Chinese firms. Anil Ambani was appointed by Prime Minister Manmohan Singh as co-chair of the India-China CEO Forum; Reliance Power Ltd and Shanghai Electric signed an $8.3 billion deal for thermal power generation units in October 2010, and Reliance Communications Ltd (R-Com) has twice borrowed a total of $3.11 billion from a consortium of Chinese banks.
“The joint venture’s first priority will be to build integrated township projects in India, including but not limited to commercial buildings and residential condos/apartments, hotels, retail space, etc.,” said a statement by both the groups on Thursday.
To begin with, the Reliance-Wanda joint venture will develop 10 million sq. ft space at the 135 acre-Dhirubhai Ambani Knowledge City (DAKC) in Navi Mumbai’s Koperkhairane area, which is owned by R-Com. DAKC houses offices of the telecom services firm and some other group firms.
Another 10 million sq. ft at the upcoming business district project in Hyderabad, where Reliance Infrastructure Ltd, another group firm, owns around 80 acres, will also be developed, the statement said.
The statement also said Wanda and Reliance MediaWorks Ltd, the film and media services arm of the Reliance Group that runs the Big Cinemas chain of multiplexes, will “explore possible cooperation in the multiplexes business in India and the US”.
The firm has been looking for a strategic investor in Big Cinemas for a while as Reliance MediaWorks is also under financial stress.
Wanda, a large global multiplex operator, recently acquired the AMC chain of multiplexes in the US, the second largest in the country.
The development, announced during market hours, comes at a time when the Reliance Group, with interests ranging from telecom to power and entertainment, is laden with significant debt at an aggregate level and businesses such as telecom, power and infrastructure are affected by sectoral bottlenecks.
According to a 2 August Credit Suisse report, Reliance Group’s aggregate debt at the end of fiscal 2012 stood at Rs.86,700 crore, a compounded annual growth of 27% since fiscal 2007. The debt in fiscal 2012 was seven times its earnings before interest, tax, depreciation and amortization (Ebitda), the report said.
A significant portion of this debt can be traced back to the books of R-Com. Cash infusion by way of real estate development on land it owns may help ease the firm’s debt burden. Recent attempts by R-Com to raise fresh equity aimed at de-leveraging its balance sheet—by divesting its telecom tower assets and listing its undersea cables unit in Singapore—haven’t been successful.
S.P. Tulsian, a Mumbai-based independent stock market analyst, said quick monetization of any group assets was welcome, but this was “unlikely” since it’s a joint development. “If it was an outright sale, the asset could have been monetized quickly, but since it’s a joint development, I don’t see any value over the next year at least,” he said.
A senior Reliance Group executive said the proposed development at these two locations was expected to yield around Rs.6,000-7,500 crore for the group (Rs.4,000-5,000 crore at Navi Mumbai and Rs.2,000-2,500 crore at Hyderabad). He did not want to be identified.
Sanjay Dutt, executive managing director of Cushman and Wakefield India Pvt. Ltd, a real estate consultancy firm, said some recent land transactions in Navi Mumbai took place at Rs.6 crore an acre, and an appreciation of 5-7% was expected per year, given market conditions. Property prices in the area have doubled since 2002, when DAKC became operational, Dutt said.
The Reliance Group executive said that the partnership will be an equal joint venture between Reliance Group and Wanda.
This implies that the total value of the proposed real estate development on the two Reliance-owned land parcels is estimated at Rs.12,000-15,000 crore.
The joint venture is likely to be formed in the next few weeks and the Reliance Group’s equity in the venture will be in the form of the land it contributes.
A Chinese partner would have been chosen because of the size of the project, Dutt said. Large Indian real estate firms already had “enough on their plate to take care of”, he said.
“Other people have done this before us (conglomerates monetizing land parcels through joint development) and since we have a sizeable land asset, we thought of realizing its value by developing it jointly with a partner with expertise in real estate development,” the Reliance Group executive said.
Ambar Maheshwari, managing director, corporate finance, at real estate consulting firm Jones Lang LaSalle India, said conglomerates that aren’t into realty development use their real estate as “ancillary assets”.
Reliance Power has sued HT Media Ltd, publisher of Mint, in the Bombay high court over a 12 May front-page story in Mint that it disputed. HT Media is contesting the case.

[sriece19]

Originally Posted by Gudavalli

Reliance Group, China’s Wanda to form JV

Can't wait to see the work begin

[kailash9999]

Originally Posted by Gudavalli

Reliance Group, China’s Wanda to form JV

So Folks, is it safe to say now that restructuring plan put forward by Reliance has been finally approved by APIIC ? 10 million sq.ft of space is going to do Hyderabad a world of Good ! I wish to see some movement off the ground atleast next year.

[Prodigist]

This is the official press release from Reliance

The new Business District project in Hyderabad, covering an area of 80 acres, owned by Reliance Infrastructure Ltd., having unlimited FSI for development for commercial and residential purposes, hotels, etc., with plans to develop up to 10 million sq. ft area in a phased manner.

Why did they have to add residential towers in a "Business District"??

[kailash9999]

I was wondering too, lets hope there is a clarity on it soon.

[Dilip Kumar]

delete

[doctorabhilash]

No updates on this project?

[Gudavalli]

Page last updated - 22/02/2013

I don't see any change though..

http://ppp.cgg.gov.in/ProjectDesc.aspx?Recordkey='75'

[kailash9999]

Originally Posted by Gudavalli

Page last updated - 22/02/2013

I don't see any change though..

http://ppp.cgg.gov.in/ProjectDesc.aspx?Recordkey='75'

Will take atleast a few more months until we see any sort of change in that.

[dunefreezer]

What the heck dudes. I wanna see Atleast one supertall in south India.

[patentneer]

You dudus, no super's for south.

[Gudavalli]

Originally Posted by dunefreezer

What the heck dudes. I wanna see Atleast one supertall in south India.

Yet to build a skyscraper