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Phoenix Group buys back stakes from Embassy Group

Wednesday, 22 May 2019
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Real estate company Phoenix Group has bought back 50 percent stake in three special economic zones (SEZs) located in Hyderabad, Telangana from the Embassy Group for an undisclosed amount.

 

The total investment in these projects is around Rs 2,000 crore over the next five years. The projects, of about 10 million sq ft, were part of a joint venture (JV) between the Embassy Group and Hyderabad’s Phoenix Group.

Phoenix Group is planning to develop and finance these projects after Embassy Group’s exit. Embassy Group is focussed on growth and expansion plans in the following core markets--Bengaluru, Chennai, Mumbai, Gurugram, Pune and Trivandrum.

Embassy Group was an equity partner, while Phoenix provided the land in the joint venture, called Phoenix Embassy Tech Zone. Both were involved in project construction. In 2017, Piramal Finance gave Rs 450 crore as construction finance to the joint venture, for approvals and development of the SEZs.

The projects are expected to be completed over a period of five years. So far, around Rs 150 crore has been invested by Piramal Group. The remaining amount will come over the project lifecycle. Separately, the Phoenix Group has a large portfolio of commercial office projects, with nearly 15 million sq ft under construction.

 
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