TSI Ventures (India) Private Limited, a joint venture of New York-based Tishman Spreyer and ICICI Ventures, will construct high-rise IT Towers on the outskirts of Hyderabad at a cost of $50 million (Rs 2.25 billion).

K Ratna Prabha, secretary, information technology and communications department, Andhra Pradesh, said on Friday the state cabinet has decided to allot 12 acres at a price of Rs 4.27 crore (Rs 42.7 million) per acre in APIIC Software Units Layout at Nanakramguda to TSI Ventures (India) for construction of the IT Towers of international standards. 

Tishman Spreyer has chosen Hyderabad for their first venture in India and Asia.

"TSI IT Towers will be a landmark for Andhra Pradesh. TSI Ventures plans to develop one million to 1.5 million square feet of IT office space primarily for IT MNCs and Fortune 500 companies to locate their operations and accommodate 5,000 to 7,000 IT professionals over a period of three years," the IT secretary said.

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