Hong Kong-based Citi Property Investment, the real estate investment arm of Citibank, is investing $160 million (Rs 650 crore) in Delhi based realty major BPTP to develop four special economic zones in Noida, Greater Noida, Faridabad and Gurgaon, BPTP sources said.
According to sources, a special purpose vehicle has been formed for the purpose. Citi Property Investment holds 40 per cent in the SPV, while the remaining 60 per cent is with BPTP. However, this is not Citi Property Investment's first investment in BPTP. In 2007, the Citi arm picked up 5.89 per cent in the company for Rs 322.50 crore.
BPTP has been in the news recently for bagging the country's largest land deal worth Rs 5006 crore to develop commercial projects over 94 acres in Noida.
The four InfoTech SEZs developed by BPTP total up to 206 acres. The company plans to develop six million sq ft. of area, out of a total area of 20 million sq ft in the first phase. "The investment by Citi Property Investment shows the tremendous goodwill and investor confidence that the company has earned in the market in such a short time," a BPTP executive said
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