Saturday, May 30, 2011

IL&FS to exit two Ansal API projects in Gurgaon

              IL&FS Investment Managers is selling its stake in a special economic zone (SEZ) in Gurgaon, promoted by listed realtor Ansal Properties, with a 20% return in four years.
              IL&FS will also exit from the first phase of Ansal's Esencia township project in Gurgaon-where it had made an investment of 80 crore-after the mandatory lock-in of three years ends, in August 2011.
              The private equity fund manager had invested 70 crore in the 47-acre SEZ for the information technology sector in 2007, a senior executive in Ansal Properties who did not want to be named, told ET. According to him, the Delhi-based developer has already made a part payment to IL&FS and is expected to complete the exit by the end of 2011.
              Ansal Properties officially confirmed IL&FS' exit, but did not provide details.
              The source said Ansal will soon apply for denotification of the IT SEZ in Gurgaon as the project has seen no development because of the slowdown in demand after the global meltdown. These 47 acres will eventually become part of the second phase of Ansal's Esencia township project, which will have a total of 108 acres.
              Private equity fund Red Fort Capital has already committed 200 crore to this second phase for a 26% stake in the separate special purpose vehicle and will release money as and when the developer aggregates land for the 108-acre township. Ansal Properties currently has 28 acres of contiguous land for which Red Fort Capital has already released close to 55 crore. The remaining land and the 47 acres that will be put up for denotification will be made contiguous with the existing land later, the source said.
              Ansal Properties had launched the 112-acre Esencia township in 2007. The township will include plots, villas, floors as well as some commercial development. The company recently announced an extension of this project on an additional 108 acres. IL&FS had also invested 80 crore in the first phase of the Esencia township project in Sector-67, Gurgaon in 2008.