Real estate firm Raheja Developers has said its proposed engineering SEZ in Gurgaon would involve an investment of about Rs. 45.35 billion. This would be funded through a mix of internal accruals, debt and PE placement.
"Our negotiations are currently on with both Indian engineering manufacturers as well as overseas engineering companies interested in off-shoring global production. Our company has also been approached by international construction companies, who have expressed interest for strategic alliances,” Navin M. Raheja, MD of Raheja Developers.
He said that the company was open to offering up to 26% stake in the project to a strategic partner or PE funds. “Funding is not an issue for us. We want to rope in a partner who is not just a financial partner but also someone who can bring better technology in the project,” he said.
The SEZ, spread over 257.5 acres (103 hectares) in Gurgaon, would be launched in phases and the first phase is likely to get completed within three years.
The total usable area would be about 21mn sq ft. Out of the total area, about 50% would be the processing zone and the rest would be used for residential, commercial, institutional and educational space. |
