Ascendas India Trust (a-iTrust) will invest over Rs 600 crore in Paranjape Schemes SEZ project in Pune, over a period of about two years.
The investment includes immediate infusion of Rs 260 crore via listed non-convertible debentures and balance by way of purchase of shares of SEZ Phase-II company.
The investment will be made in Pune-based realty firm's BlueRidge SEZ Phase-II project through its special purpose vehicle (SPV) - Flagship Developers (FDPL). BlueRidge Township is a 138 acre project comprising SEZ (Phase-I and II) and commercial spaces retail, along with school, residential and sports facilities.
Phase-II of the SEZ is expected to be completed and operational by 2015. It consists of leasable area of about 1.5 million sq ft.