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Royal Group,GTC in Race to Buy 26% in Raheja Group's Engineering SEZ
Tuesday, April 22, 2008

Royal Group of UAE and Netherlands-based GTC Real Estate are in the race to acquire 26% stake in the Delhi-based Raheja group's engineering SEZ in Gurgaon for Rs 500 crore. It has been learnt that the Raheja group may ink the deal with either of the two groups in the next few weeks.

Raheja Developers MD Navin Raheja declined to comment on the development, but said his company was in talks with some investors to sell equity stake in its SEZ. The 257-acre SEZ project is being valued at Rs 4,500 crore with the land component accounting for almost half of it, according to sources. The foreign investor will initially take 26% stake in the SEZ for around Rs 500 crore and May later bring in more funds towards construction cost, sources said.

The Royal Group, led by the royal family of Abu Dhabi, is a conglomerate of 30 companies engaged in several sectors such as media, real estate, trading, services, construction and technology. The other likely investor GTC Real Estate is a Netherlands based firm, listed on Tel-Aviv Stock Exchange. Dutch-Israeli investment fund The Kardan Group, which holds 64.3% stake in GTC Real Estate, is mulling the latter's merger with itself.

In an earlier investment in India, GTC Real Estate had reportedly agreed late last year to form an equal joint venture with D S Kulkarni Developers to develop 250 acre multi services SEZ at Pune. GTC had reportedly agreed to invest $96 million into the project in a phased manner.

Raheja Developers are a privately held firm with a net worth of Rs 1,225 crore. Their engineering SEZ has recently been notified by the government. The total usable area in the SEZ will be 21 million sqft, of which 9.68 million sqft will be used for industrial purpose. An 8 million sqft of space will be utilised for residential purpose, while the rest will be used for commercial, institutional and educational purposes. The SEZ will be completed in phases with the first phase being completed within 3 years, according to Raheja Developers. The company says that it has been approached by several international and national Engineering Companies for taking space in its SEZ.


 

 

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