Ascendas to invest Rs 600 cr in Paranjape Schemes' SEZ project

Realty player Paranjape Schemes (Construction) today said Ascendas India Trust (a-iTrust) will invest over Rs 600 crore in its SEZ project in Pune over a period of about two years.
The investment includes immediate infusion of Rs 260 crore via listed non-convertible debentures and balance by way of purchase of shares of SEZ phase II company, a release issued here said.
The investment will be made in Pune-based realty firm's BlueRidge SEZ phase II project through its special purpose vehicle (SPV) - Flagship Developers (FDPL).
The phase II of the SEZ consists of leasable area of about 1.5 million sq ft under construction and is expected to be completed and operational by 2015, it said.

BlueRidge Township is a 138 acre project comprising SEZ (phase I and II) and commercial spaces retail, along with school, residential and sports facilities.
"Paranjape Schemes, via FDPL, will complete the construction of the SEZ, lease it and manage it till December 2016. Ascendas Property Fund Trustee, the trustee-manager of Ascendas, will then buy 100 per cent of the shares of FDPL," the company said.
The phase I of the SEZ, which was completed in 2013, is spread across an area of over 1.4 million sq ft, housing major international corporate tenants such as Accenture, Cisco, L&T Infotech, Tata Technologies, among others.

Similar to phase II, IDFC had invested Rs 450 crore in phase I of the project in FY14.