Tata Realty Secures Rs 825 Crore Loan from IFC to Refinance Ramanujan Intellion Park
Tata Realty has secured a loan of Rs 825 crore from the International Finance Corporation (IFC) to refinance Ramanujan Intellion Park in Chennai, a landmark development in sustainable real estate.
Tata RealtyInternational Finance CorporationRamanujan Intellion ParkSustainable Real EstateGreen Commercial SpacesReal EstateJul 08, 2024
Ramanujan Intellion Park, located along Old Mahabalipuram Road (IT Expressway) in Taramani, Chennai, is a 25.27-acre development that encompasses both a Special Economic Zone (SEZ) processing area and a non-processing zone. The park is fully owned and operational, hosting between 40,000 to 60,000 professionals across its six buildings daily. Additionally, the park features the Taj Wellington Mews Hotel facility, which offers 112 serviced apartments and a 1,500-seater convention centre, operated by Taj Hotels, a chain of luxury hotels and a subsidiary of Indian Hotels Company Limited (IHCL). Notably, the facility is entirely managed by women.
This financing initiative is part of Tata Realty's commitment to advancing its sustainability efforts and elevating the standard of green commercial spaces across India. The funds will further integrate sustainable technologies and practices at this flagship asset, which boasts a total leasable area of approximately 4.67 million square foot (msf) of IT/ITES commercial office spaces.
Sanjay Dutt, MD and CEO of Tata Realty, emphasized the significance of this financing initiative, stating,
Frequently Asked Questions
What is the purpose of the Rs 825 crore loan secured by Tata Realty from IFC?
The loan is specifically earmarked for the refinancing of Ramanujan Intellion Park in Chennai, a landmark development in sustainable real estate.
What is Ramanujan Intellion Park?
Ramanujan Intellion Park is a 25.27-acre development located in Chennai, which encompasses both a Special Economic Zone (SEZ) processing area and a non-processing zone.
What is the significance of this financing initiative for Tata Realty?
This financing initiative is part of Tata Realty's commitment to advancing its sustainability efforts and elevating the standard of green commercial spaces across India.
What is the role of IFC in this financing initiative?
IFC is providing the Rs 825 crore loan to Tata Realty to refinance Ramanujan Intellion Park, which is a key project in the company's sustainability efforts.
What is the impact of this financing initiative on the environment?
This financing initiative will further integrate sustainable technologies and practices at Ramanujan Intellion Park, which will lead to a reduction in carbon emissions and environmental impact.
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