Tata Realty to raise $1 b
The Hindu Business Line, May 28, 2009, Page 2
Mr Sanjay Ubale , Our Bureau, Mumbai
Tata Realty and Infrastructure said it plans to raise a $1 billion (Rs 4,700 crore) infrastructure fund to support projects worth Rs 20,000 crore that will be executed over the next three years.
The company will invest Rs 11,000 crore in real estate, Rs 5,000 crore on road projects and Rs 4,000 crore on other infrastructure projects, said Mr Sanjay Ubale, Managing Director & CEO, at a news conference here on Wednesday.
Around 20 per cent of the company’s earlier offshore fund of $700 million has been deployed, he said.
TRIL is a wholly-owned subsidiary of Tata Sons.
Separately, the company will raise Rs 1,400 crore in debt, said company officials.
Some of the larger projects won by TRIL include three SEZs – one a 25-acre SEZ at Chennai for Rs 3,800 crore, the other two being IT SEZs in Ahmedabad and in Pune. A 7-lakh sq ft residential complex in Amritsar is under development, and a 35-acre residential and mixed-use project is being evaluated at Gurgaon.
Although the real estate market is still sluggish, this is not an inappropriate time for developing SEZ projects or malls, said Mr Ubale: “Real estate is cyclical and our projects will probably be ready as the markets pick up. In addition we do stand to benefit from lower commodity prices.”
Roads, metro and mono-rail and airport projects are also under consideration: TRIL has tie-ups with Mitsubishi for bidding for metro projects; with Grandi Stazioni of Italy for redevelopment of New Delhi Railway station; with Changi Airports for Amritsar and Udaipur airports; and with Atlantia spA of Italy for roads and highways.
A recent win has been the four-laning National Highway Authority project of a 110-km Pune-Solapur stretch at Rs 1,400 crore, in tie-up with the Italian company. The SPV, which will undertake the project, will be a 50:50 joint venture between TRIL and Atlantia, each putting in Rs 280 crore, with debt requirement for the project at Rs 970 crore.
The Hindu Business Line, May 28, 2009, Page 2
Mr Sanjay Ubale , Our Bureau, Mumbai
Tata Realty and Infrastructure said it plans to raise a $1 billion (Rs 4,700 crore) infrastructure fund to support projects worth Rs 20,000 crore that will be executed over the next three years.
The company will invest Rs 11,000 crore in real estate, Rs 5,000 crore on road projects and Rs 4,000 crore on other infrastructure projects, said Mr Sanjay Ubale, Managing Director & CEO, at a news conference here on Wednesday.
Around 20 per cent of the company’s earlier offshore fund of $700 million has been deployed, he said.
TRIL is a wholly-owned subsidiary of Tata Sons.
Separately, the company will raise Rs 1,400 crore in debt, said company officials.
Some of the larger projects won by TRIL include three SEZs – one a 25-acre SEZ at Chennai for Rs 3,800 crore, the other two being IT SEZs in Ahmedabad and in Pune. A 7-lakh sq ft residential complex in Amritsar is under development, and a 35-acre residential and mixed-use project is being evaluated at Gurgaon.
Although the real estate market is still sluggish, this is not an inappropriate time for developing SEZ projects or malls, said Mr Ubale: “Real estate is cyclical and our projects will probably be ready as the markets pick up. In addition we do stand to benefit from lower commodity prices.”
Roads, metro and mono-rail and airport projects are also under consideration: TRIL has tie-ups with Mitsubishi for bidding for metro projects; with Grandi Stazioni of Italy for redevelopment of New Delhi Railway station; with Changi Airports for Amritsar and Udaipur airports; and with Atlantia spA of Italy for roads and highways.
A recent win has been the four-laning National Highway Authority project of a 110-km Pune-Solapur stretch at Rs 1,400 crore, in tie-up with the Italian company. The SPV, which will undertake the project, will be a 50:50 joint venture between TRIL and Atlantia, each putting in Rs 280 crore, with debt requirement for the project at Rs 970 crore.
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