OMAN FUND EYES 24.5 PERCENT STAKE IN ANSAL PROJECT

OMAN FUND EYES 24.5 PERCENT STAKE IN ANSAL PROJECT
Monica Behura, New Delhi
The Economic Times (Delhi edition)

Ansal API’s 2,500-acre township ‘Megapolis’ at Dadri, Greater Noida might see another round of stake dilution in the very first month of the project’s launch. According to sources, State General Reserve Fund (SGRF) of Oman is planning to pick a 24.5 percent stake in the upcoming township, which pegs the total value of the project at Rs 26,500 crore.

The total investment in the project was reported at Rs 13,000 crore, of which 8.5 percent was picked up by HDFC AMC for Rs 1,105 crore recently. Another 15 percent is reportedly being eyed by PE firm Warburg Pincus and Citigroup. Though sources involved in the discussions confirmed the deal, Ansal API president international marketing Kunal Banerji said: “Two years ago, SGRF wanted to make an investment in our SEZ project but nothing materialised. At present, we are not dealing with them for any new project.”

The investment for the 2,500-acre project is estimated to be Rs 13,000 crore but sources say Ansal has an option of expanding the project to around 9,000 acres depending on future demand. Within the Megapolis, the plan is to set up condominiums, schools, hospitals, villas, a film city, a biotech park, an IT park, educational institutions, a medicity and its very own electric surface transport system.