Trikona Capital managed firm invests $74m in Delhi development

A London-based fund managed by Trikona Capital has teamed with The Luxor Group to develop a special economic zone in the Gurgaon area of the city.

Trinity Capital, a publicly listed London-based fund managed by Trikona Capital, has invested £37.9 million ($74.7 million) for a 49.4 percent stake in Luxor Cyber City.


The large-scale project, which is set to cost £204 million excluding land purchases, is located 25 kilometers from Delhi International Airport and aims to attract IT tenants. It will also deliver housing, restaurants, entertainment zones, schools and hospitals over 8.2 million square feet of space and is expected to complete by June 2012.  

Trikona Capital founder Aashish Kaira

The firm estimates that internal rate of returns will meet or exceed its 25 percent investment criteria set out in pre-IPO documents.


The Indian government introduced its Special Economic Zones policy in April of 2000, allowing the zones to operate as foreign territory for the purposes of trade operations, duties and tariffs. As of 2007, more than 500 SEZs have been proposed, 220 of which have been created. Luxor Cyber City, which is scheduled to start later this year, is one of only two SEZs in the Gurgaon region, giving Trinity and Luxor a considerable first mover advantage.

Trikona was founded by Aashish Kalra and Rak Chugh in early 2006 to take advantage of India’s burgeoning real estate market. It floated Trinity on London’s Alternative Investment Market last April.


The firm has so far invested £28.3 million in a £215 million IT Park project in Greater Noida and £10.6 million for a 16 percent stake in a township development outside Mumbai. The fund has also invested £11.6 million in a residential project in Worli, Mumbai and says it is investing $100 million alongside investment bank IL&FS to develop Indian infrastructure.

With this latest transaction the firm has invested £206 million, representing 88 percent of funds raised.