Tishman to buy 74 pc in Gurgaon SEZ | business | Hindustan Times
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Tishman to buy 74 pc in Gurgaon SEZ

business Updated: Mar 20, 2007 05:52 IST
Arun Kumar

Tishman Speyer, the multi-billion dollar US real estate fund, is set to acquire 74 per cent equity in Rockman's special economic zone in Gurgaon for around $100 million (Rs 450 crore). The multi-service zone is projected to cost Rs 2,500 crore.

Rockman has acquired 250 acres in Gurgaon and has invested Rs 570 crore. After buying in, sources said, Tishman would redesign the project and its cost was likely to increase substantially.

Some of the best addresses in the US, like the Rockefeller Center, Chrysler Center and MetLife Building, are owned by Tishman Speyer. This will be its first venture in India.

The Rockman spokesman refused to comment, but said the company was in talks with several real estate developers and was close to a deal.

Since the Gurgaon SEZ is designated for multiple services, Tishman will build the infrastructure for different industries, including infotech, financial services, tourism, trading and biotechnology. The zone will have five-star hotel facilities besides service apartments and shopping malls.

Rockman is setting up two other SEZs, one a multi-product zone in Jaipur and the other a textile SEZ in Ludhiana. The company plans to invest around Rs 6,000 crore in these three zones. Rockman has also tied up with Jurong International, Singapore, one of the leading SEZ developers in the world.