Shapoorji Pallonji Real Estate and PE fund New Vernon are selling their investments in three Information Technology (IT) parks in Chennai, Pune and Gurgaon for a cumulative value of 1,500-2,000 crore, a person directly involved in the transaction told ET."They have been in the market for some time now. Shapoorji holds 26% stake in these parks while the remaining is held by PE fund New Vernon, which it picked up in 2006," said two investment bankers, requesting anonymity.A Shapoorji Pallonji spokesperson did not respond to an email query sent by ET. Repeated phone calls to New Vernon went unanswered.The real estate arm of Shapoorji Pallonji Group has a chain of IT parks in special economic zones, called SP Infocity, across locations such as Nagpur, Gurgaon, Manesar, Mohali, Kolkata, Chennai and Mysore.Shapoorji Pallonji Real Estate is currently building a 2.70 million sq ft IT park in Chennai, which is being developed in two phases. The first phase, spread over 950,000 sq ft, has been completed and is being leased to firms such as HSBC, Amazon and Saksoft.
Source: ET
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