Hirco Plc, a real estate investment firm floated by Mumbai-based Hiranandani Group,on Monday announced an investment of pound 47.9 million (about Rs 400 crore) to develop a township in Chennai.
Following this investment, 35 per cent of the net funds raised at the time of company's IPO would have been deployed, Hirco said in a filing on London Stock Exchange.
Hirco, a close-ended investment firm set up in Isle of Man, had raised pound 382.6 million (about Rs 3,200 crore) in December last year from its listing on the alternative investment market of LSE.
The investment comprises 13.1 million square feet of saleable mixed use development immediately adjacent to the company's previously announced investment in the Chennai area.
This additional 118 acre development will include a mix of commercial, residential and retail space.
"Our initial plan for this additional 118 acre as stated at the time of our IPO (initial public offer) was to invest in a special economic zone. However, until such time as the government's SEZ policies have been clarified we wish to move forward quickly to capitalise on the strong real estate demand in the region," Hirco chairman Niranjan Hiranandani said.
He said the company has re-examined the development as a non-SEZ commercial township and continued to offer attractive returns for Hirco investors.
"We continue to explore being awarded SEZ (special economic zone) benefits to further enhance our returns on the project. However, as this investment underlines, we are not reliant upon SEZ approval for our developments," Hiranandani said.
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