Mumbai: IDFC Ltd, one of India’s largest domestic financial institutions, has agreed to buy the entire phase 1 of BlueRidge Special Economic Zone (SEZ) in Pune’s Hinjewadi area at an enterprise value of about $83 million (around Rs456 crore).
The equity stake will be bought in phases based on milestones achieved, the company said in a statement on Thursday.
BlueRidge
SEZ is an information technology (IT) enclave being developed by Paranjape Schemes, one of the largest developers in Pune.
“Phase one of the SEZ has approximately 1.45 million sq. ft. of leasable space and is already operational, with key tenants such as Accenture, Cisco and L&T,” said Aditi Watve, chief operating officer, BlueRidge.
“Hinjewadi is the leading IT hub of Pune and continues to be among the biggest draws for IT-based corporate occupiers as well as private equity investors,” said Anuj Puri, chairman and country head of real estate advisory Jones Lang LaSalle (JLL) India.
JLL, which facilitated the deal, was instrumental in raising private equity capital for the project in 2007 on behalf of Paranjape Schemes from Ajay Piramal backed real estate focused private equity firm,Indiareit Fund Advisors Pvt. Ltd.
IDFC shares closed down 1.45% to Rs153.70 on BSE, while the benchmark Sensex ended up 0.34% 20,215.40 points.
Source : livemint.com