CNBC-TV18 has learnt from sources that Bhagyanagar India is developing land in Hyderabad to set up IT parks. It also plans to set up an SEZ.

Bhagyanagar India is developing the Gachibowli land near the Microsoft campus at Hyderabad. The land is being developed for Visual Soft for Rs 380 crore. They will develop five lakh square feet in Phase I and 10 lakh square feet in Phase II.

Bhagyanagar India had bought 25 acres of land in Hyderabad near the Infosys and Wipro campus. The land was acquired in November last year. Bhagyanagar may develop it as an IT Park or an SEZ.

It is likely to apply for the SEZ approval in a week's time. The cost of the project is estimated at Rs 490 crore. It may opt for a USD 15 million FCCB issue to fund the project. It is also planning a preferential offer to strategic partners.

CNBC-TV18 disclaimer: This information has not been provided to the stock exchanges, and is source-based.