Citi acquires 40-per cent stake in BPTP for Rs640 crore
09 Apr 2008
Citigroup Property Investors, the real estate unit of Citigroup has acquired a 40-per cent stake in each of the four special economic zones (SEZ) being developed by realty firm, BPTP.
According to Citigroup, the company has invested Rs640 crore for the venture, which will be utilised in developing the SEZs. This is Citigroup Property's second major investment in BPTP after it had picked up a 5.89-per cent stake for Rs 322.50 crore in 2007.
The Delhi-based BPTP is developing four IT-enabled SEZs in Noida, Greater Noida, Faridabad and Gurgaon. The company plans to develop 6-million sq ft in phase-I out of the proposed 20 million square feet for all the SEZs.
BPTP recently outbid real estate players DLF and Omaxe to acquire the country's largest land deal for a 95-acre commercial plot in Noida for Rs5,006 core.
BPTP group has various projects including commercial, residential, IT Parks as well as SEZs spread across 2,000 acres. The company is expecting to post a net profit of Rs 300 crore over a turnover of Rs 1,250 crore in the last fiscal.
The company is also planning to launch Initial Public Offer (IPO) sometime this year. Last year BPTP had outlined its plan to raise Rs1,500 crore from a public issue in January this year, which has been postponed due to the global volatility in the capital markets that has also unsettled the Indian markets.