Mumbai, September 13: Sri City, the upcoming multi-product SEZ on over 5,000 acres near Chennai, today said that it will raise additional Rs 250 crore through private equity placement to fund the Rs 1,200 crore expansion of the first phase.
“We have raised Rs 250 crore through private equity placement to fund the Rs 1,200 crore first phase work on Sri City. We will be raising additional Rs 250 crore form PE players,” Sri City Founder and Managing Director Ravindra Sannareddy told PTI here.
Sannareddy said that the fund from the PE players would be raised in the next six to 12 months and the company was in negotiation with a few of them.
In the first phase, Sri City would create the basic infrastructure and 1,000 acres of industrial land and in the second phase, it intends to develop commercial spaces and residential projects entailing an investment of over Rs 2,000 crore.
“We may bring in some partners in the second phase,” Sannareddy said.
Launching the SEZ in July last year, Sannareddy had said that the development of the project would be completed in the next five years and the project might attract investment worth Rs 1,75,000 crore, mainly from the manufacturing sector.
—Agencies