Wave Infratech, the real estate arm of liquor baron Ponty Chadha’s Wave Group, has chalked out a Rs 30,000 crore investment plan for its ambitious 152-acre integrated township project in Noida. The company had bought this land, for integrated mixed-use development, for about Rs 6,500 crore in an auction.
“The proposed investment will be met through a mix of debt, equity and internal accruals,” Manpreet Singh Chadha, joint managing director of Wave Infratech told HT.
The project — Wave City Centre — is being developed in three phases, the first of which is expected to be complete by the end of 2016, and would entail an investment of Rs 4,000 crore.
“We will raise Rs 4,000 crore through a mix of debt, private equity and qualified institutional placement (QIP) of shares,” Chadha said. “This will be used to fund the first phase of developments.”He added that the company has given IDFC the mandate to arrange debt from banks for the project.
Chadha said the company is in separate talks with large private equity players as well. “If need be we may consider diluting about 25% stake in the first phase of the project,” he said, without giving any details.
The 152-acre township, being built at Sectors 25A and 32 of Noida, would have commercial, business and entertainment structures apart from residential apartments. The total built-up area would be about 40 million square feet, of which 9.5 million square feet would be constructed in the first phase.
{{/usCountry}}The 152-acre township, being built at Sectors 25A and 32 of Noida, would have commercial, business and entertainment structures apart from residential apartments. The total built-up area would be about 40 million square feet, of which 9.5 million square feet would be constructed in the first phase.
{{/usCountry}}Wave Infratech is developing other realty projects in Noida, Ghaziabad and Mohali. Besides real estate, the Wave Group is into sugar, liquor and entertainment businesses.