Eredene Capital Plc., the UK based company which invests in infrastructure projects and real estate development in India, has said that it will invest up to Rs 21 crore or 2.6 million pounds in a new logistic park at Kalinganagar in Orissa, India, through its joint venture partner Apeejay Infra-Logistics Pvt. Ltd.
The company is hoping to ride on demand from steel companies such as Tata Steel, ArcelorMittal, South Korean Posco, Jindal Stainless Steel and Nilanchal Ispat Nigam Ltd. who all have or are developing major plants in and around the Kalinganagar region. Construction of the park will start in the second half of 2008 with operations targeted to start in 2009.
This is Erededne Group’s sixth investment in India till date and its second joint venture with Apeejay Group, the Kolkata-based owners of Typhoo tea and Delhi’s Le Meridien. Both the partners have invested an initial 68,000 pounds each for an 80-year lease on the land near Khurnti village close to the Kalinganagare industrial complex, which is emerging as one of the largest steel clusters in India. The park will service the Kalinganagar region and it will specifically target the in-bound and out-bound cargo centred around the steel industry, it added.

Posted on 05/8/08, 2:34 PM
in: Deals, Private Equity, Real Estate
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