Xander Group has signed an agreement with Bengaluru-based Shriram Properties to acquire the latter’s Chennai IT SEZ for $350 million (around Rs 2,290 crore).
The acquisition marks one of the largest private equity deals witnessed in the real estate space in India. The deal involves 1.7 million sq feet of occupied and operational SEZ, and a partnership with Shriram Properties to deliver the under construction 1.9 million sq feet.
With this deal, Xander acquires 100% interest in Shriram’s Gateway SEZ in Chennai for $190 million (around Rs 1,250 crore), with a further commitment of $160 million (around Rs 1,040 crore) towards expansion of the IT SEZ, a release said.
(Published 02 May 2017, 19:13 IST)
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