January 3, 2009

Riverbank to invest Rs.30 bn on Calcutta Riverside project

Kolkata, Dec 31 : Riverbank Developers Ltd will invest Rs.30 billion (Rs.3,000 crore) to develop the Calcutta Riverside project at Batanagar in West Bengal, a top official said here Wednesday. Located on the eastern bank of the Hooghly river in South 24-Parganas district, the entire project on 262 acres will have a hotel, malls, residential apartments, hospital, township and an IT special economic zone (SEZ).

Riverbank is a joint venture entity between Calcutta Metropolitan Group (CMG) and footwear major Bata India.“The project will be funded through private equity, debt and cash flow from sales,” CMG managing director Sumit Dabriwala told reporters. “The first phase of the redevelopment should be completed by 2011,” Dabriwala said.

Riverbank has made a joint management contract with the Intercontinental Hotels Group for developing the proposed hotel and service apartments in Batanagar.The cost of construction for the hotel and the service apartments is slated to be around Rs.1.75 billion (Rs.175 crore) Dabriwala said. “The hotel would be ready in 36 months.”

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