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Luxor Group Special Purpose Vehicle
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Luxor Group Special Purpose Vehicle
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1. Uppal Group - Luxor Group special purpose vehicle signs MoU with Trinity Capital - Divests partial shareholding in favor of Trinity Capital for Rs. 300 crore ~ ~ To develop 10 million sq. ft. SEZ in Gurgaon over 67 acre land ~ Mumbai, Maharashtra, IND, 2007-06-12 17:59:48 (IndiaPRwire.com) 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. Mr. Manish Uppal, Managing Director, Uppal Group, said, 'We are delighted to partner with Trinity Capital, a global firm of repute. Through this association, we will invest 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 we aim at for this project as well'. 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. The government-approved notification was issued to the Group in April this year. '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,' added Mr. Uppal. The National Capital Region contains the second highest number of employees in the IT/ITES sector in India. There is currently 7.9 million sq ft of IT/ITES space in the region (Trammell Crow: Major IT-ITES Hubs in India - A Snapshot, February 2007) however none of the developments have SEZ notification. SEZs will be particularly attractive to the IT/ITES sector as existing fiscal benefits (under the Software and Technology Parks of India) may be lifted in 2009. As such, SEZs may be the only facilities offering fiscal benefits to developers and lessees after 2009 and it is likely that a significant proportion of demand for IT space will I be directed towards SEZs. The IT/ITES sector is growing rapidly, and the National Association of Software and Service Companies (NASSCOM) estimates that by 2008 the cumulative demand for real estate for IT/ITES in the National Capital Region will touch 16 million sq ft. Based on the strong demand for ITIITES units and complexes, there will be also be demand for housing, hotels, commercial spaces and other general facilities. - END - Page 1/2 © Copyright 2006 India PRwire Pvt. Ltd. All Rights Reserved. India PRwire disclaims any content contained in press releases published on IndiaPRwire.com. Issuers of press releases are solely responsible for the accuracy of their content.
About Uppal Group Founded by Mr. Bhushan K. Uppal and headed by Mr. Manish Uppal, the Uppal Group has over 28 years of experience of having delivered more than 500 quality projects on time and has presence in all real estate verticals including residential, retail, commercial, SEZ and hospitality. With a market worth of over 2000 crore, the company has strengths in several international relationships, management depth and professional approach to deliver design excellence and customer's satisfaction. For more information, Please contact: Rohit Varier Manager - Image Inc 022 - 24925177 09819403110022 - 24947162 Page 2/2 © Copyright 2006 India PRwire Pvt. Ltd. All Rights Reserved. India PRwire disclaims any content contained in press releases published on IndiaPRwire.com. Issuers of press releases are solely responsible for the accuracy of their content.