Real estate firm Hiranandani Group has decided to invest up to Rs 3,500 crore in the metaverse over the next two-three years.
In the past, oil and gas conglomerate Reliance Industries (RIL) has forayed into consumer-facing digital solutions with Jio Platforms, while salt-to-steel conglomerate Tata Group has also announced its entry into a similar space with Tata Digital.
Hiranandani Group was established in 1978 by Niranjan Hiranandani and Surendra Hiranandani and is based in Mumbai, India. The group is one of the largest real estate developers in India with projects across Mumbai, Bangalore, Chennai. The group has diversified into health, education, energy and hospitality.
Hiranandani, however, said the company does not need capital now or acquire companies at present.
“I don’t think there is a need to raise capital for credibility. The focus may be on raising capital if we see a strategic fit. In the next few months, we will look at bringing one or two projects to market at a time. Whether that is through M&As, partnerships or if it deserves raising capital, we will take a call,” he added.
“We believe that the potential of digital has barely scratched the surface. In keeping with the Digital India vision of the Hon’ble Prime Minister and the Government of India, as echoed in the Union Budget 2022, we are widening our focus on technology-led, new-age services.
Yotta Infrastructure will continue to be the vehicle for us to invest in areas of cloud computing, interconnectivity, enterprise applications and enterprise cyber security technologies, which are enhanced by our hyperscale and edge datacenter roll-outs. Separately, through Tez Platforms we intend to incubate and work with leading technologies and partners (both domestic and global) in other areas as well, in the next steps of our journey,” said Hiranandani.
The group will also be working through its non-profits in arenas of skilling and training in the field of cloud solutions, cyber-security, and artificial intelligence.
Tez’s initial outlay to launch services this year will be about Rs 1,000 crore. Over the next 2-3 years, it expects to invest approximately Rs 3,500 crore.
The company will announce senior management appointments for Tez within a few weeks. For now, Chirag Daru who previously worked with the Hiranandani Group, RIL and most recently with Navneet, is coordinating some of the digital projects at Tez.
The group is one of the largest real estate developers in India with projects across Mumbai, Bangalore, Chennai. The group has diversified into health, education, energy and hospitality.
