In a recent official announcement released on Friday, the real estate company Raheja Developers has stated that it is going to make a huge investment of Rs. 4,535 crore in its proposed engineering SEZ in Gurgaon. The company has informed that the project has already been notified by the authorities recently and Raheja Developers is planning to fund the investment through a mix of internal accruals, debt and PE placement.
The Managing Director of Raheja Developers, Mr. Navin M. Raheja was talking about their plans with the engineering SEZ further and said, "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". He said that they are thinking of offering up to 26 per cent of its total stake in the project to a strategic partner or the PE funds.
Mr. Raheja has also assured that the company is not having any problem with the funding for the project and said, "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". According to him, the SEZ is going to be situated in an area that is spread over 257.5 acres (103 hectares) in Gurgaon, adjoining Manesar and the SEZ is also likely to be launched in phases. He also said that the company is planning to complete the first phase of the project within a period of three years. He further said that the SEZ would be having a total usable area of about 21 million sq ft and about 50 per cent out of the total area of 103 hectares, would be the processing zone. Mr. Raheja further informed that according to the master plan, the rest of the usable area would be used as residential, commercial, institutional and educational space.
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| Posted : 3/17/2008 |
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