Embassy Group plans to invest about 20 billion Indian rupees to develop roughly 6 million square feet of commercial space at the Embassy TechVillage project in Bengaluru, The Economic Times reported, citing Embassy Office Parks CEO Michael Holland.
The project is the latest phase of the IT Park that will span 12 million square feet.
The developer of Embassy TechVillage, Embassy Office Parks, is 50%-owned by Blackstone Group LP.
The investment will be financed through internal accruals and construction financing. The more than 100-acre Embassy TechVillage will have commercial, retail and hospitality components.
The March 22 report noted that Embassy Office Parks is in the process of listing India's first real estate investment trust.
The report also noted that Embassy Office recently signed an agreement with Hilton to manage two hotels that will be developed in Embassy TechVillage with an investment of roughly 6 billion rupees. Construction is expected to commence in 2018 and completion is due late 2021 or early 2022.
As of March 21, US$1 was equivalent to 65.21 Indian rupees.