Hyderabad: Hyderabad based company Bhagyanagar India is developing land to set up IT parks and a special economic zone (SEZ) in Hyderabad.
The company plans to invest Rs 380 crore for setting up its IT hub Visual Soft at the Gachibowli land near the Microsoft campus in Hyderabad.
The company bought nearly 25 acres of land last year in November near the Infosys and Wipro campus and plans to carry on the development work in two phases.
In the first phase it would take up five lakh square feet and in Phase II, the rest 10 lakh square feet will be brought under development work.
The company is likely to apply for the SEZ approval in a week's time.
The cost of the projects is estimated at Rs 490 crore. It may opt for a $15 million FCCB issue to fund the project. It is also planning a preferential offer to strategic partners.
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