A new township is coming up in Ahmedabad which is being developed by Adani Realty Business and for this projecthttp://www.blogger.com/img/blank.gif it will be investing Rs 5000 crore. Adani Realty Business is the real estate subsidiary of the Adani Group. The entire investment will be debt-free as the funds will be generated through sale-revenue. This was disclosed by company sources. The township which is named Shatigram will be a 600 acre township and the group will develop it in a phased manner. Of the total investment of Rs 5000 crore the value of the land owned by the Adani family is worth over Rs 3000 crore.
A new wholly owned special purpose vehicle (SPV) has been set up into which the payment for this land has been transferred. The payment will be made in a staggered manner within the next three to four years. Apart from the cost of the land the rest Rs 2000 crore is being taken as development cost and already more than Rs 700 crore has been invested. According to company sources it is upbeat about the project funding and is also confident that the sale-revenue which will be generated over a period of time will meet the cost of the total land value.
A new wholly owned special purpose vehicle (SPV) has been set up into which the payment for this land has been transferred. The payment will be made in a staggered manner within the next three to four years. Apart from the cost of the land the rest Rs 2000 crore is being taken as development cost and already more than Rs 700 crore has been invested. According to company sources it is upbeat about the project funding and is also confident that the sale-revenue which will be generated over a period of time will meet the cost of the total land value.
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