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Infibeam Projects Management Pvt. Ltd., a subsidiary of Infibeam Avenues Ltd., has made a strategic acquisition, reportedly purchasing a partially constructed corporate house from an Aditya Birla Group finance company. The property encompasses an impressive 7,000-square-metre plot of land and 4.20 lakh square feet of built-up space, with the transaction valued between Rs 90 crore and Rs 100 crore. Infibeam's objective is to transform this prime real estate near Vaishnodevi Circle into a bustling commercial space tailored for start-ups and IT firms.
This move has garnered attention from real estate experts who view the transaction as a prudent investment, especially given the area's growing prominence as a corporate hub. Vaishnodevi Circle has witnessed a surge in corporate headquarters, with companies like Zydus Lifesciences and Adani Group establishing their presence in the vicinity. Notably, the largest IT Special Economic Zone (SEZ) in Gujarat, developed by Ganesh Housing Corporation, is also in progress in this thriving area.
Sources with insights into the transaction revealed that the Non-Banking Financial Company (NBFC) had a strong inclination to divest the partially constructed Sintex Corporate House near Vaishnodevi Circle. Infibeam Avenues Ltd. acted decisively to align with its vision of providing space for tech companies and startups. Nevertheless, an official spokesperson from Infibeam opted not to comment on the transaction's details. It's worth noting that Infibeam Avenues Ltd. took a strategic step last year by incorporating Infibeam Projects Management Pvt. Ltd., a move aimed at providing workspace solutions to fintech start-ups and IT enterprises.
A knowledgeable source disclosed that Infibeam took the initiative to establish a fintech management company. They are actively engaged in discussions with IT companies situated outside the state, encouraging them to transfer their operations to Ahmedabad. This city offers an adept IT workforce at an economical rate, and many technology professionals are contemplating a shift from more expensive and overcrowded cities like Bangalore, Hyderabad, Noida, and Mumbai in search of improved quality of life.
To reinforce its recently launched endeavour, Infibeam made a significant investment in this almost complete property, amounting to a substantial sum ranging between Rs 90 crore and Rs 100 crore. This acquisition serves as a resounding testament to Infibeam's commitment to leveraging the boundless opportunities inherent in the thriving business ecosystem of Vaishnodevi Circle, solidifying its position as a forward-thinking enterprise ready to innovate and lead in the dynamic landscape of modern technology-driven enterprises.
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