Wave Infratech, the realty arm of Ponty Chadha's Wave Group, today said it will raise about Rs 4,000 crore through debt and private equity to fund investments in developing the first phase of a 152-acre township in Noida.
The integrated mixed-use project would be developed on the land the company had won last year through an auction for about Rs 6,500 crore.
"The total investment in the first phase, spread over 45 acres, would be about Rs 10,000 crore including the land cost," Wave Infratech Joint Managing Director Manpreet Singh Chadha told reporters.
The proposed investment would be met through internal accruals, debt and private equity, he added.
Asked about the quantum of funds it is looking to raise through debt and private equity routes, Chadha said: "We plan to raise about Rs 3,000-4,000 crore in the next two months".
Wave Infratech has given mandate to IDFC for arranging debts from banks, he said.
"Separately, we are in talks with large private equity players. We can dilute about 25% stake in the first phase of project," Chadha said, but declined to reveal names.
Giving details about the township, Chadha said the total size would be 40 million square feet, of which the company would develop about 10 million square feet in the first phase to be delivered by 2016.
n the first phase, the company will develop 1,400 housing units at a starting price of over Rs 1 crore, 900 studio apartments, 370 high street shop condominiums, two hotels, a shopping mall of two million square feet and an office complex.
Wave Infratech is developing other realty projects in Noida, Ghaziabad and Mohali. Besides real estate, Wave Group is into sugar, liquor and entertainment businesses.