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Modern India to garner funds for Khopoli IT SEZ |
By e4p Correspondent, Monday, August 24, 2009, 13:59 Hrs [IST] |  |
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Category: SEZ / Industrial Parks | Tags: modern india it sez, sez project khopoli, Modern India Property Developers | Share:  |
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Modern India is holding talks with domestic as well as global private equity firms to raise Rs 150 crore to part-fund its proposed IT/ITeS SEZ at Khopoli in Maharashtra. The proposed SEZ project is estimated to cost Rs 560 crore.
The company is likely to finalise the deal by early 2010 followed by which the work is likely to commence on the project. Besides, the company is likely to divest 30-35 per cent stake in the project for raising the fund.
The proposed SEZ is likely to be funded through a debt-equity ratio of 2:1. Three PSU banks have committed to extend Rs 100 crore each as loan for the development of the project while the company is expected to bring in the remaining equity through internal accruals.
Modern India Property Developers, a company subsidiary, is expected to develop the SEZ on 34 acre. The Board of Approval's nod is awaited for the project.
Source : ProjectsToday
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