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The company, listed at the AIM market of London Stock Exchange, in a filing to the Bombay Stock Exchange said the project located in Panvel would be the company's third investment after its incorporation in December 2006.
"We are very excited to be launching Hirco's development in Panvel. The project is located in an extremely attractive area of suburban Mumbai currently witnessing tremendous growth, including the recently approved airport development at Navi Mumbai, which is within close proximity to the site," Hirco Plc CEO Priya Hiranandani-Vandrevala said.
This development would feature a mix of office and retail space with a focus on IT and Biotech, which builds upon Hiranandani's heritage in the Mumbai market as a developer of high-quality commercial space, she added.
The Panvel project is a new development consisting of 18 million developable square feet of mixed-use commercial space on 303 acres of land in Panvel, a rapidly growing corridor in the Mumbai metropolitan region.
Hirco and its wholly owned subsidiary, Hirco Holdings, have entered into an investment agreement with Burke Consolidated Ltd, an entity controlled by the Hiranandani family, to invest in the township project through a special purpose vehicle owned by BCL called Burke 3 Ltd, it said.