IL&FS to develop car parking facility in Gujarat for Rs 350 cr

Project involves development of 16- level car parking with a capacity of around 5,400 cars

IL&FS Transportation Networks will develop a multi-level car parking facility at Gandhinagar in Gujarat on build-own-operate-transfer (BOOT) basis for around Rs 350 crore.

"The concession agreement was signed on January 22, 2014 between Gujarat International Finance Tec-City Company and GIFT Parking Facilities, a wholly-owned subsidiary of the company, for development of a multi-level car parking at GIFT City, Gandhinagar on BOOT basis," IL&FS Transportation Networks said in a BSE filing today.

The project involves design, development, finance, construction, operation and maintenance of 16-level car parking which with a capacity of around 5,400 cars including retail space at the ground floor for a period of 30 years.

"The total project cost is approximately Rs 350 crore," it said.

The concession allows IL&FS Transportation Networks the right to allocate 80% of total parking space to the lessee in the GIFT city at a mutually agreed price.

The remaining 20% is to be made available as paid facility to the visitors to the GIFT city.

"The revenue shall also be generated from leasing of retail space," it said.