TRIL Infopark Ltd, which is developing the Rs 3,500-crore Ramanujam IT City in Chennai, has raised Rs 150 crore from Infrastructure Development Finance Company Limited (IDFC) in a project level deal.
The deal will involve IDFC subscribing convertible preference shares of TRIL Infopark, a three-way joint venture between Tata group companies Tata Realty & Infrastructure Limited & Indian Hotels Company Limited besides Tamil Nadu Industrial Development Corporation Ltd
Emails sent to Tata Realty & Infrastructure and IDFC did not elicit a response at the time of publication of this article.
Ramanujan IT City, inspired by the legendary mathematician Srinivasa Ramanujan, is an IT Special Economic Zone coming up on 26 acres on Old Mahabalipuram Road at Taramani in Chennai. It will have a notified IT/ITES zone along with residential apartments, mall & entertainment complex, serviced apartments and an international convention center.
It will also have a super luxury apartments complex with 150 units over three lakh sq feet. Australia Leighton is constructing the project while the master plan for the residential project is being done by New York based Skidmore Owings and Merrill (SOM).
Tata Realty & Infrastructure (TRIL) has several real estate projects coming up like city centre development in Amritsar, water front development in Kochi and a mixed use project in Bangalore. It is also developing some SEZs for group company Tata Consultancy Services (TCS) at eight locations. TRIL also formed a $200-million joint venture with private equity major Actis to bid for road projects in India.
IDFC has made several investments directly in various infrastructure related projects and companies in India. These include companies like KMC Constructions, GMR Kamalanga Energy, Sarda Energy, BSCPL Infrastructure, among others.