manpreet

A special purpose vehicle (SPV) formed by Delhi based real estate Uppal Group and Luxor Group, today announced the signing of a memorandum of understanding (MoU) with Trinity Capital (PLC), a US based boutique investment banking and restructuring firm. The two companies also announced divestment of their partial shareholding in the SPV in favor of Trinity Capital for over Rs. 300 crore. The SPV was floated by the two companies to develop 10 million sq. ft. on a 67-acre plot for their upcoming notified SEZ’s in Gurgaon.

Through this association, as per the MD of the group, Mr. Manish Uppa the investments will be made towards the development of a multi product SEZ in Gurgaon, which is estimated to be completed by 2011. The Uppal Group has always been known for design excellence and more importantly customer satisfaction and timely delivery and this is what they are aiming at here in this project too.

Of the total space, 6.5 million sq ft will be used directly as IT space and 3.5 million sq ft will be developed for supporting usage. The project scheduled to start by the second half of 2007, is one of notified SEZ’s in the Delhi and NCR region, located in Gurgaon. The SEZ is ideally located, 25 km from Delhi international airport and on the main Delhi to Jaipur Highway – NH 24.

“Our project is aimed at concentrating on the IT and IT Enabled Services (ITES) companies. This facility would be housing apart from the IT space, supporting infrastructure such as, restaurants, housing, schools, hospitals, entertainment zones among other essential services and is scheduled to start in the second half of 2007,” said Mr. Uppal.


source: indiaprwire.com/