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Investment to be made in Paranjape Schemes BlueRidge SEZ phase II
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BlueRidge SEZ phase II project have leasable area of about 15 lac sqft
New Delhi, Jan 01, 2015: Paranjape Schemes (Construction) Ltd, one of the prominent developers having presence across the country, has attractedAscendas India Trust (a-iTrust) to invest over Rs. 600 crores over a period of about two years. The investment includes immediate infusion of capital of Rs. 260 crore via listed Non-Convertible Debentures and balance by way of purchase of shares of SEZ phase II company. This investment will be made in Paranjape Schemes (Construction) Ltd’s BlueRidge SEZ phase II project situated at Hinjewadi, Pune through its Special Purpose Vehicle (SPV) – Flagship Developers Private Ltd (FDPL).
The phase II of the BlueRidge SEZ, consists of leasable area of about 1.5 mn sq.ft under construction and expected to be completed and operational by 2015. BlueRidge Township is a 138 Acres project comprising of SEZ (phase I and II) and commercial spaces retail, along with school, residential and sports facilities.
Paranjape Schemes, via FDPL, will complete the construction of the SEZ, lease it and manage it until December 2016, basis the documentation, Ascendas Property Fund Trustee, the trustee-manager of Ascendas India Trust (a-iTrust), will buy 100% of the shares of FDPL.
The phase I of the blue ridge SEZ which was completed in 2013, is spread across an area of over 1.4mn sqft, housing major international corporate tenants such as Accenture, Cisco, L&T Infotech, TATA Technologies etc. Similar to phase II, even phase I SEZ developer company (NTPL) was divested to IDFC for about Rs. 450 crore in FY 2013-14.
