INDIA BUSINESS WORLD - APRIL 1st - APRIL 15th - 2008
INDUS TO BUY RS 206-CR EQUITY IN SEZS OF DELHI-BASED REAL ESTATE DEVELOPER UPPAL GROUP
US-based hedge fund Indus Capital Partners is investing Rs 206 crore for equity stake in the two special economic Zones (SEZs) of Delhi-based real estate developer Uppal Group.
“Indus Capital is buying a 25% stake in our Noida SEZ for Rs 100 crore and 50% in Greater Noida SEZ for Rs 106 crore,” Uppal Group director (finance) Ajay Mangal said. Uppal group, which is developing four SEZs in the national capital region (NCR), had earlier received an investment of Rs 300 crore each from realty trust Vornado and investment firm Trinity Capital for its two other SEZ projects. The group would require a total investment of around Rs 8,000 crore for its four SEZ projects over the next five to seven years.
Both 25-acre Noida and 26-acre Greater Noida projects are IT/ITeS SEZs and have also received the government approval. “The master plan for both Noida and Greater Noida SEZs will be ready in a couple of days,” says Mr Mangal. Uppal group, which clocked a revenue of Rs 775 crore last fiscal, is in negotiations with two global bankers for raising debt to fund the two projects.
The company’s biggest SEZ project is 263-acre multi-service SEZ located close to Manesar in NCR. The company is in talks with multiple international service providers for having them as tenants in the SEZ, which has already been notified. New York-based real estate investment trust Vornado bought 50% stake in the project for Rs 300 crore over a year ago.
Another Uppal group project, which has been notified is 84-acre IT/ITeS SEZ located alongside Delhi-Gurgaon Expressway. USbased investment firm Trinity Capital bought 33% stake in the project for $75 million.
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