New Delhi-based realty company Parsvnath Developers is in advanced talks to sell stake in its special economic zones (SEZ) projects, its chairman told an Indian news outlet.
Parsvnath chairman Pradeep Jain told DNA Money that the firm is in talks with at least five private equity funds, including Mumbai-based Saffron Asset Advisors, to buy projects in the SEZs, which operate as foreign territory for tax and trade purposes. Saffron India Real Estate Fund has already taken a 15 percent stake in a Parsvnath project near the Bandra Kurla complex in Mumbai.
The deals, which are expected to be formally announced within a month, will be within the 15 SEZs that the company is working with in 10 states throughout India. The developments will be built over the next 10 years, and will cover an area of 4,000 acres, according to the company.
Seven of the SEZs are in the IT & ITeS sectors, SEZs, two are in gems & jewellery, and the rest are in multi-product, food processing, leather & leather products, handicraft, automotive & auto component and biotechnology.