Suncity to raise 500 cr through private equity

September 4, 2008	(1 votes, average: 1 out of 5)  Loading ...
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Real estate developer Suncity Projects will be raising up to Rs 500 crore through private equity for development of its IT SEZ project located at Gurgaon. The IT SEZ spread over 167 acre has been notified and construction would begin next month, Suncity Projects Director Ashok Bansal said. The project cost to develop the SEZ would be between Rs 3,000 and 4,000 crore. The company could dilute up to 49 per cent stake in the SEZ project to raise the funds but refused to divulge the name of the firms it was in talks with.

Meanwhile, the company had said it would invest about Rs 6,000 crore over the next four years to construct various properties. The company has acquired 4,000 acres of land in different cities where it would be developing over 10 projects in all verticals such as housing, commercial, shopping mall, hotels, SEZs and townships. Delhi-based Suncity Projects, which is being promoted by Zee Group, Action Shoes and Odeon Builders, is developing six townships at Rohtak, Jaipur, Kaithal, Rewari and Indore of various sizes between 100-500 acres. Besides, a huge mall-cum-hotel project ‘Jewel of India’ covering 40 million sq ft area is coming up at Jaipur where Suncity Projects would promote heritage and handicraft offering of the city.

News Published Under:   Real Estate Developers |

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