| Coffee Day's realty arm may raise Rs 300 cr | |
| Raghuvir Badrinath / Chennai/ Bangalore February 9, 2010, 0:38 IST | |
Tanglin Developments, part of the Coffee Day Holdings, is understood to be in negotiations with HDFC’s real estate private equity fund to raise close to Rs 300 crore. Tanglin develops infrastructural facilities for technology enterprises and facilitates a one-stop solution by offering plug & play facilities to software and technology companies.
Tanglin has so far developed two software parks at Bangalore and Mangalore and the fresh infusion is understood to be an effort to expand the Bangalore park further.
The Bangalore property is spread over 110 acres and houses companies including MindTree, MphasiS, Texas Instruments, Sonata Software besides others.
Sources close to HDFC private equity fund detail that a due diligence is on from HDFC and decision is likely shortly. HDFC and Coffee Day officials were not available for comments.
According to industry sources, Tanglin over a period another three years will develop near 7 million square feet on top the already functional 3 million square feet at Bangalore and Mangalore. It is also understood that Tanglin will also look at building few thousands of residential units adjacent to the software parks in Bangalore.
If the funding from HDFC materialises, it will be the second major external funding that Tanglin will be raising after it raised Rs 380 crore from Germany-based Hypo’s Realty Fund.
According to information available, the promoters led by V G Siddhartha, acquired the land totalling around 90 acres on the Mysore Road more than two decades ago and have been gradually expanding their acreage.
This fund raising from Tanglin Developments is being run parallely even the group’s holding firm Coffee Day Holdings is closing in on a deal to raise around Rs 450 crore from KKR, Temasek and Standard Chartered Private Equity.
The group with interests in coffee plantations, coffee retailing, infrastructure development and technology investments, has detailed an investment appetite to the tune of around Rs 1,700 crore to expand its businesses over the next 3-4 years.
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