HYDERABAD: L&T Infocity has offered to sell office space in two of its marquee projects in the IT hub of Hyderabad and divestment of stake in Hitex exposition facility.
Part of the construction major L&T, the Infocity project had executed multi-storeyed Cyber Towers and Cyber Gateway more than a decade ago to offer quality infrastructure to companies. It is now seeking to offer for sale some of the office space in these two projects.
The L&T Infocity projects developed by the company were instrumental in playing a role in developing the IT sector in Andhra Pradesh and Hyderabad. These two projects have Andhra Pradesh Industrial Infrastructure Corporation (APIIC) as 11 per cent stakeholder with the rest with L&T arm.
The company, which also developed the Hitex exposition centre close to the Hitec City hub, is also seeking to divest its 58 per cent stake in the project. The rest of the 42 per cent stake is held by various agencies of the Andhra Pradesh Government, according to K.V. Nagendra Prasad, Chief Executive Officer of Hitex.
Prasad told Business Line that the company is seeking to divest the stake as it is associated with the project for more than a decade now. “By divesting stake we would prefer to concentrate on other projects. The Government nod on the sale is awaited,” he said.
Prasad, who was associated with the L&T Infocity earlier during the execution of various projects in the IT hub, said, “The sale of some of the remaining office space has been advertised. Even though most of the project has been occupied, we are looking at monetising some of the office space by sale.”
About 2.5 lakh sq ft, including space for IT offices and food court, is up for sale.
Hitex or Hyderabad International Trade Exposition Centre plays host to several expositions held in the city.