Suncity plans to raise up to Rs 500 cr via pvt equity
Real estate firm Suncity Projects is planning to raise up to Rs 500 crore through private equity for development of its IT SEZ project at Gurgaon.
By PTI |
NEW DELHI: Real estate firm Suncity Projects is planning to raise up to Rs 500 crore through private equity for development of its IT SEZ project at Gurgaon.
"We are in talks with various private equity firms to raise Rs 350-500 crore for our IT SEZ project in Gurgaon," Suncity Projects Director Ashok Bansal said.
The IT SEZ spread over 167 acre has been notified and construction would begin next month, he said. "The project cost to develop the SEZ would be between Rs 3,000 and 4,000 crore," Bansal said.
The company could dilute up to 49 per cent stake in the SEZ project to raise the funds, he said, but refused to divulge the name of the firms it was in talks with.
"The deal is expected to be finalised in the next three-four weeks," Bansal said.
Meanwhile, the company had said it would invest about Rs 6,000 crore over the next four years to construct various properties.
The company has acquired 4,000 acres of land in different cities where it would be developing over 10 projects in all verticals such as housing, commercial, shopping mall, hotels, SEZs and townships.
Delhi-based Suncity Projects, which is being promoted by Zee Group, Action Shoes and Odeon Builders, is developing six townships at Rohtak, Jaipur, Kaithal, Rewari and Indore of various size ranging between 100-500 acre.
Besides, a huge mall-cum-hotel project 'Jewel of India' covering 40 million sq ft area is coming up at Jaipur where Suncity Projects would promote heritage and handicraft offering of the city. The 5-star hotel would have 225 rooms.
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