Logix in talks to buy back Rs 102 crore stake in Noida IT Park

NEW DELHI: Noida-based builder Logix group is in discussions to give an exit of Rs 137 crore to investor Noida IT Park Ltd from Logix Techno Park project.

Bahrain-based TAIB Bank is a shareholder in Noida IT Park Ltd. In 2008, the investor had put in Rs 102 crore to pick up 49% in Logix Techno Park.

“We had bought back a part of the equity earlier for Rs 35 crore,” Shakti Nath, managing director of Logix group, told ET. “We will now buy the rest for Rs 102 crore using internal accruals to give the exit.”

In response to an email questionnaire sent by ET, Sanjay Lal, chief investment officer at Acacia Investments, a real estate investment firm promoted by TAIB Bank, did not comment on the initial investment and the value of the exit being given by Logix group.

Lal did not say whether Logix has bought back a part of the equity the investor holds in the project. “At this stage, cannot comment on numbers,” he said.