Ansal API eyes Rs30K crore investment

After wrapping up a private placement deal with a select group of investors including the Enam Group, realty infrastructure major, Ansal API, is now in talks with some of the leading institutional investors for another equity investment deal.





As per the current plan, Ansal API proposes to carve out some of the projects in Sushant Golf City, the group's 3,500-acre hi-tech township project in Lucknow, into a special purpose vehicle (SPV), in which equity will be offered to a financial institution.

Though the names of the financial institutions, with which the company is talking to for this proposed equity investment deal, could not be ascertained immediately. The sources said Ansal is open to offering up to 49% stake in the proposed SPV, which will be converted into a joint venture once the deal is finalised.
Only last week, Ansal API completed placement of about 6.5% stake in the parent company, Ansal Properties & Infrastructure, through the preferential issue route to a select group of investors to raise about Rs71 crore.
Ansal API already has sewed up two such equity investment deals with the investment companies of Housing Development Finance Corporation (HDFC) and ICICI Prudential.

While the HDFC arm has picked up about 8% stake in Megapolis, another ambitious hi-tech township project being built by Ansal API on 2,500 acre near Greater Noida. The ICICI PruLife arm will be holding more than 40% stake in an SPV comprising residential projects in Aquapolis, a 130-acre integrated township project of the company coming up in Ghaziabad, Delhi-NCR.

Besides Ansal API, other leading realty majors such as DLF, Unitech and Orbit Corp have also either gone in or in talks for project-level equity investment deals.

Sources said that the equity placement plan in the proposed SPV of Sushant Golf City project of Ansal API is to raise funds for speeding up implementation.

The 3,500-acre hi-tech township, being touted as the New Lucknow, will be a fully self sustained city with several residential, commercial, retail, leisure and sports projects.

Sushant Golf City will also have biotech park, an information technology park, an international golf course, a film city, a medicity, a university enclave and a media enclave.

As of now, the total proposed investment in the hi-tech township is estimated to be in the region of Rs25,000-30,000 crore.

Ansal API closed at Rs77.45, unchanged, with a volume of 0.74 lakh shares on the BSE.