Singapore-based Ascendas Property Fund Trustee, the trustee-manager of Ascendas India Trust (a-iTrust) will acquire Phase II of BlueRidge IT/ITeS special economic zone (SEZ) in Pune, a project developed by Paranjape Schemes (Construction).
Ascendas will invest Rs. 600 crore in the project over a period of about two years, a statement from Paranjape Schemes said. The investment includes immediate infusion of capital of Rs 260 crore via listed Non-Convertible debentures and the balance by way of purchase of shares of SEZ phase II.
The investment will be made in Paranjape’s BlueRidge SEZ phase II which is coming up at Hinjewadi, Pune through its special purpose vehicle (SPV), Flagship Developers Private Ltd. (FDPL).
The statement said the phase II of the BlueRidge SEZ consists of leasable area of around 1.5 million square feet and is expected to be operational by 2015. Blueridge Township is a 138 acre project comprising an SEZ (phase I and II) and commercial space retail and with school, residential and sports facilities.
FDPL will complete construction of the SEZ and manage it until December 2016 after which a-iTrust will complete the acquisition of BlueRidge Phase II by buying 100 per cent of the shares o f FDPL.
The first phase of BlueRidge SEZ, covering 1.4 million sq.ft was completed in 2013 and houses tenants like L&T Infotech, Tata Technologies etc. Similar to phase II, even in the phase I, the developer company NTPL was divested to IDFC for around Rs 450 crore in 2013-14, the statement said.
