Citibank arm to invest $160 mn in 4 NCR SEZs

Citibank’s investment arm - Citi Property Investors - will be investing $160 million in BPTP Limited’s four Special...

Citibank’s investment arm — Citi Property Investors (CPI) — will be investing $160 million in BPTP Limited’s four Special Economic Zones (SEZs). BPTP is a leading real estate company, which is developing these SEZs in Noida, Greater Noida, Faridabad and Gurgaon. Speaking to The Indian Express, sources close to the development on condition of anonymity revealed that a special purpose vehicle will be formed where the CPI will have 40 per cent stake. The rest 60 per cent will remain with BPTP. The SPV will be developing over 6 million sq ft. of area in Phase I alone.

“The four SEZs of BPTP Limited is spread over approximately 206-acre across the four cities. The transaction is in the process of completion,” said sources. Less than a month back, the BPTP Group won the right to develop 94-acre of prime commercial land at Noida for a sum of Rs 5,006 crore. The company also received the formal sanction from the Board of Approvals, Ministry of Commerce, to set-up four IT and IT-enabled SEZs in Noida, Greater Noida, Faridabad and Gurgaon.

Last year, CPI invested approximately Rs 322.50 crore to acquire an equity stake of around 5.89 per cent in the company.

Algerian-French artist’s work vandalised at Kochi art gallery over ‘obscenity’ allegations

India2 hr ago

Algerian-French artist Hanan Benammar's linocut prints were vandalised by two artists at an international exhibition in Kochi. The exhibition, curated by Anushka Rajendran and Damian Christinger, was organised by the Kerala Lalithakala Akademi and opened on October 18.

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