|
New Delhi, Aug 20: Two real estate firms—Ansal API and Raheja Developers Ltd—on Wednesday announced plans to develop specialised SEZs, with investments totalling Rs 8,100 crore. While Ansal is pumping Rs 3,600 crore into developing four IT/ITeS SEZs and two IT parks to strengthen its presence in the office space, Raheja is investing Rs 4,500 crore to create an engineering SEZ spread over 255 acre. It will be the first engineering SEZ in northern India.
The total area that Ansal hopes to develop with its IT SEZs and parks is 270 acre, which will come up at Greater Noida and Gurgaon in the NCR, and at Mumbai. Each IT SEZ will be called ‘The Campus’ and the IT Park will be branded ‘Net City’.
Out of the Rs 3,600 crore that Ansal plans to invest in all the six projects, Rs 1,000 crore is expected to come from stakeholders and multiple partners, and the rest through debt and internal accruals.
Rakesh Jain, executive director, marketing, Ansal API, said, “ILFS holds 49% stake in our Gurgaon IT SEZ. It is paying Rs 160 crore for this project. HDFC Property Venture fund is a 33% stakeholder in the Greater Noida IT SEZ and is contributing around Rs 35 crore towards the project.”
Ansal will opt for a lease rental model. It expects some of the units to be operational by 2011, while full operations would commence by 2014. The Raheja Developers engineering SEZ, which will come up near Manesar in Haryana, will be funded through a mix of internal accruals, debt and PE placement. It is looking for strategic investors.
Ajay Midha, director, Raheja SEZ Ltd, said, “We are looking for companies that can spin off many ancillary industries.” Around 100 acre will be dedicated to the processing zone. Currently, the company is in talks with ten industries. Speaking about the company’s future plans, Navin Raheja, chairman, Raheja SEZs Ltd, said, “In about two years time, we could go for listing.”
While Ansal has acquired land outright from farmers, Raheja is following a mixed model. Some of the land it has acquired is through one-time down payment, while for the remaining it has entered into a lease rental understanding with the farmers.
More from Frontpage
Discuss this story on expressindia forums
|
|
 |
 |
 |
About Us | Contact Us | Advertisers | Site Map | Make us your homepage | Work for Us | RSS | Subscribe | Electronic Edition | Privacy Policy© 2009: The Indian Express Limited. All rights reserved throughout the world
