Raheja to progress with engg SEZ

New Delhi: Real estate company Raheja Developers on Friday said its proposed engineering SEZ in Gurgaon — which recently got notified — would involve an investment of about Rs 4,535 crore. This would be funded through a mix of internal accruals, debt and PE placement.

“Our negotiations are currently on with both Indian engineering manufacturers as well as overseas engineering companies interested in off-shoring global production. Our company has also been approached by international construction companies, who have expressed interest for strategic alliances,” Mr Navin M. Raheja, Managing Director of Raheja Developers, said at a conference here.

He said that the company was open to offering up to 26 per cent stake in the project to a strategic partner or PE funds.

“Funding is not an issue for us. We want to rope in a partner who is not just a financial partner but also someone who can bring better technology in the project,” he said. The SEZ, spread over 257.5 acres (103 hectares) in Gurgaon adjoining Manesar, would be launched in phases and the first phase is likely to get completed within three years.

The total usable area would be about 21 million sq ft. Out of the total area of 103 hectares, about 50 per cent would be the processing zone and the rest would be residential, commercial, institutional and educational space, as per the master plan.