Mantri, IL&FS to develop IT SEZ at Nagpur
Real estate developer Mantri Realty along with IL&FS will set up an IT-SEZ at Nagpur.
By PTI |
MUMBAI: Real estate developer Mantri Realty on Monday said the company along with IL&FS will set up an IT-SEZ at Nagpur.
The project has already received the Union Government's approval and construction work for Phase 1 of the project has begun this month, Mantri Group Chairman Sunil Mantri told reporters here today.
The entire project would be completed in three phases and construction work on the remaining two phases would begin from December this year and in June next.
The total cost of the project is around Rs 600 crore, of which Rs 150 crore would be equity while the remaining Rs 450 crore would constitute debt, Mantri said.
Mantri Realty and IL&FS, the infrastructure development and finance company, would invest Rs 75 crore each as equity in the project, he said, adding that the balance would be raised from financial institutions with whom discussions were in progress.
The project will comprise of around 4.4-million sq ft of IT/ITeS space while 0.2-million sq ft would be used for retail purposes.
"We are investing Rs 40 crore on making the building `green', which would help us at the time of carbon credit rating in the future," Mantri said.
Mantri Realty, a part of the Mantri group, has so far developed 15 million sq ft in different cities of the country.
The company and its associates have a land-bank of over 2,000 acres across the country at an estimated valuation of USD 2.5-billion.
The project has already received the Union Government's approval and construction work for Phase 1 of the project has begun this month, Mantri Group Chairman Sunil Mantri told reporters here today.
The entire project would be completed in three phases and construction work on the remaining two phases would begin from December this year and in June next.
The total cost of the project is around Rs 600 crore, of which Rs 150 crore would be equity while the remaining Rs 450 crore would constitute debt, Mantri said.
Mantri Realty and IL&FS, the infrastructure development and finance company, would invest Rs 75 crore each as equity in the project, he said, adding that the balance would be raised from financial institutions with whom discussions were in progress.
The project will comprise of around 4.4-million sq ft of IT/ITeS space while 0.2-million sq ft would be used for retail purposes.
ADVERTISEMENT
"We are investing Rs 40 crore on making the building `green', which would help us at the time of carbon credit rating in the future," Mantri said.
Mantri Realty, a part of the Mantri group, has so far developed 15 million sq ft in different cities of the country.
The company and its associates have a land-bank of over 2,000 acres across the country at an estimated valuation of USD 2.5-billion.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
