Oman govt fund to pick up 24.5% in Ansal township

NEW DELHI: Ansal API���s 2,500-acre township Megapolis in Dadri, Greater Noida, might see another round of stake dilution in the very first month of the project���s launch. According to sources, State General Reserve Fund (SGRF) of Oman is planning to pick a 24.5% stake in the upcoming township, which pegs the total value of the project at Rs 26,500 crore.

The total investment in the project was reported at Rs 13,000 crore of which 8.5% was picked up by HDFC AMC for Rs 1,105 crore recently. Another 15% is reportedly being eyed by PE firm Warburg Pincus, and Citigroup. Though sources involved in the discussions confirmed the deal, Ansal API president international marketing Kunal Banerji said: ���Two years back, SGRF wanted to make an investment in our SEZ project but nothing materialised. Currently, we are not dealing with them for any new project.��� Sources said a big Delhi-based law firm is giving finishing touches to the MoU.

SGRF is a premier investment organisation in West Asia under the ministry of finance, Oman. SGRF is mandated to manage the foreign currency reserves of the country. The project will be executed by Ansal Properties UEM Builders, a JV between Ansal API and UEM, a large Malaysian construction company.

Of the 2,500-acres, the company has already bought 400 acres, but the whole of 2,500 acres has been tied up with various sellers and the paper work to acquire it is on at the moment. The company has bought land at close to Rs 40 lakh an acre for the project. It is planning to finalise the masterplan in the next 10 days. For that, it is holding a competition between 4 international architects. Approvals for the project have already been obtained and an MoU along with a development agreement have also been signed.

The investment for the 2,500-acre project is estimated at Rs 13,000 crore, but sources say Ansal has an option of expanding the project to around 9,000 acres depending on future demand. Within the Megapolis, the plan is to set up condominiums, schools, hospitals, villas, a film city, a biotech park, an IT park, educational institutions, a medicity and its very own electric surface transport system. The project is expected to be completed in around seven years.