May 7, 2024 |
SBI Invested Rs 714 Crore in TCG’s Gurugram Project
The State Bank of India has invested Rs 714 crore in New York headquartered TCG Urban Infrastructure, who is developing world trade centre in Gurugram with one million sq ft of leasable space.
The total cost of the project is expected to be Rs 1,211 crore of which Rs 497 crore has been invested by the promoter, according to documents accessed through CRE Matrix, a real estate data analytics firm.
“The Chatterjee Group (TCG), is a New York based company having a sizeable land bank in India. For the particular project in Gurgaon also, the company has infused substantial capital and for balance construction work, it has raised from market,” said one person aware of the deal.
According to the registered document, TCG Urban Infrastructure Holding Pvt. Ltd. is promoter of Energetic Construction Pvt. Ltd, who is executing the project.
The project includes 940,761 sq ft of office area and 72,407 of retail area. TCG declined to comment on the deal while SBI did not respond to the email query.
Private equity investors injected USD 10.7 billion (Rs 843 billion) into the sector across nearly 100 deals from 2021 to 2023. Transaction volumes have increased by over 25% annually, with investment values rising 13.7%, reaching USD 3.9 billion in recent years.
The average deal sizes have ranged between USD 100-120 million (Rs 8.3-9.9 billion) during this period. The office segment secured the majority share of investments at 51%, followed by industrial & warehousing at 20%, while diversification into sectors like data centres, life sciences, and student housing reflects evolving investor preferences.
World Trade Centre is looking to expand its presence in India with the Indian market with office market in India witnessing stable growth amidst global uncertainties.
The World Trade Centers Association (WTCA) plans to expand its presence in India by adding 10 more trade centers in the next five to seven years. It expects to have over 50 World Trade Centers within the next 5-7 years, up from our current 40. The association currently has licenses in 40 cities in India, but not all cities have a building.
However, the association expects that trade services will be provided in all of these cities by their license holders. The WTCA is looking at cities and areas in India where a World Trade Center can be valuable and fit into the local economy to help build it.
With more than 300 World Trade Center (WTC) locations in nearly 100 countries, the World Trade Centers Association (WTCA) provides a portfolio of branded offices and commercial real estate, alongside an extensive suite of trade services for tenants, thereby linking them with the rest of our global network.
The Chatterjee Group is a diversified enterprise headquartered in New York. TCG has invested and managed over US$3 billion across business segments worldwide which includes petrochemicals, life-sciences, information technology, real estate and financial advisory.
Source : ET
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