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 Propertys 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.
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