TVS Emerald (formerly known as Emerald Haven Realty), a subsidiary of TVS Holdings (formerly known as Sundaram Clayton) will acquire Radial (Phase-II) IT Park and Radial (Phase III) IT Park in Chennai, Tamil Nadu for Rs 576.33 crore.

The transaction involves the purchase of 43.58 lakh equity shares and 7.25 lakh compulsorily convertible debentures of Radial (Phase II) IT Park, representing 100% of its issued and paid-up share capital, for Rs 234.33 crore. Similarly, TVS Emerald will acquire 55.06 lakh equity shares and 10 lakh compulsorily convertible debentures of Radial (Phase III) IT Park, also constituting 100% of its issued and paid-up share capital, for Rs 342 crore.

Post-acquisition, both Radial IT Parks will become wholly owned subsidiaries of TVS Emerald and, consequently, step-down subsidiaries of TVS Holdings. This strategic move is expected to enable TVS Emerald to expand into new markets, enhance market penetration, and augment its existing business capabilities. By acquiring these IT parks, TVS Emerald aims to maximize its revenue opportunities and strengthen its position in the real estate and commercial development sector.

International Tech Park Chennai, Radial Road (ITPC-Radial Road) is spread over 4.6 million sq. ft., with four blocks catering to IT/ITES office space. ITPC-Radial Road is situated in the upcoming business hub of Chennai and is well-connected with all modes of transport including the upcoming metro line. It offers infrastructure and Grade A office space with a host of sustainable features.

Phase one has two blocks of 1.3 million sq. ft. each and is already operating from Q4/2022, and Phase two has two blocks.