- Investment to be made in Paranjape Schemes BlueRidge SEZ phase II
- BlueRidge SEZ phase II project have leasable area of about 15 lac sqft
Mumbai, January 2, 2014: Paranjape Schemes (Construction) Ltd, one of the prominent developers having presence across the country, has attracted Ascendas 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.
About Paranjape Schemes (Construction) Ltd:
Paranjape Schemes (Construction) Ltd one of the leading real estate developer’s from Pune, Maharashtra are spreading their roots across Maharashtra and other states. Established in 1987, it has become one of the most trustworthy names in real estate segment. Today, Paranjape Schemes (Construction) Ltd boasts over 160+ projects and has more than 11,000 units. The total saleable area of real estate undertaken by the Company is over 29 million square feet. It has over 7 million square feet of projects completed and 22 million square feet of projects under development. The company has also entered into new areas like SEZs and senior housing.
Presently the group has an ever expanding presence not only in Pune but also in Mumbai, Nashik, Kolhapur, Chiplun, Ratnagiri in Maharashtra and in Baroda and Bengaluru outside the state of Maharashtra.