bikash

Peninsula Land, the listed company of the Rs 2,500-crore Ashok Piramal group, has bagged a 100-acre Special Economic Zone (SEZ) in Pune for Rs 85 crore.

The SEZ is already approved and Peninsula will develop a 45 lakh sq ft information technology park on the land.

We will develop the SEZ in phases for five years with an estimated cost between Rs 1,200 and 1,400 per sq ft, said Rajeev Piramal, executive vice chairman, Peninsula Land. Pirmal purchased the land from City Park—a special purpose vehicle formed by the individual land owners in the SEZ.

The SEZ adds 4 million sq ft to Peninsula’s existing 28 million sq ft space under development in cities including Goa, Pune and Mumbai. The firm is looking at expanding in southern cities including Bangalore, Hyderabad and Chennai. The realty major is expected to start construction on Dawn Maills soon. The legal issues regarding Dawn Mills have been resolved, Piramal said.

It acquired controlling stake in Dawn Mills from Ruias for Rs 600 crore. Peninsula Land is now merging Dawn Mills with the parent company. The group has also received approval from foreign investment promotion board to start a $350 million international real estate fund.