Lehman Bros, Morgan Stanley to Divest Equity in Parsvnath SEZs

October 5, 2007	(Be the first to rate this story!)  Loading ...
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Parsvnath Developers, a prominent name in Indian real estate, is holding discussions with a US based global investment bank Lehman Brothers and global financial services company Morgan Stanley for divesting equity in its Special Economic Zones (SEZ) projects.

However, senior officials of the company have declined to comment. Two of PDL’s SEZ projects in Indore and Gurgaon have already been notified.

PDL is planning to divest around 30-40% equity stake in both the SEZ projects to financial institutions. The deal is believed to be in the excess of Rs 2,000 for both the projects.

The total development area of both the SEZs will be about 17 million sq ft. PDL has also got the formal approval for its upcoming SEZs at Dehradun, Kochi and Hyderabad. They will make for a total developable area of 11.70 million sq ft. Lehman Brothers has recently invested a whopping $80 million in a Bangalore based SEZ project – Gandhi City.

Indian property market has been making rapid strides for the last two years. A number of global funds are eyeing at huge India exposure. The sector is likely to grow from $12 billion in 2005 to $90 billion by 2015, says the report prepared by Merill Lynch, a leading financial management and advisory firm.

News Published Under:   Real Estate India |

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