Prominent infrastructure development company GMR Group is likely to sell Cognizant Technology Solutions, its Chennai Technology Park, for Rs.150 Cr.
Prominent infrastructure development company GMR Group has revealed its plans to divest its technology park in Chennai. The technology park; located on Old Mahabalipuram Road (OMR), one of the prime IT hubs in the city, is expected to be sold for about $30 million (approximately Rs.150 Cr).
So far one prominent chartered accountant and Bangalore-based Global Tech Park have expressed their interests in owning Chennai Technology Park. Though both the contenders are strong in their position to fix the deal, Bangalore centered firm is believed to slightly ahead of the other. Yet the Bangalorean firm will have to face tougher resistance from the opponent.
At present, Cognizant Group has entirely leased GMR Varalakshmi Tech Park which is actually owned by one of the subsidiary firms of GMR Group of Companies. Over 400,000- sq. ft. is built under the project.
GMR; an infrastructure conglomerate, has vast land banks in Bangalore, Chennai and Hyderabad. As a senior spokesperson of GMR Group refused to comment on the development, more information is not available. Meanwhile Mr. Satish Chandra, Promoter Global Technology Park, could not be contacted for any comment.
As both of the investors are sure of their returns from their investment, both of them are vigorously after the deal. The chartered accountant is an ultra-high net worth individual.
The investment in the tech park would be highly income-generating. All the more the risk involved; compared to investments on other properties, will be very less. According to the analysts and experts, the investment would bring 12% returns every year.
Real estate investment is always considered as one of the best forms of investment. Recently many foreigners have invested in the Indian realty market. Blackstone, Mapletree, and Xander are some of the top foreign investors who have invested hugely in Indian real estate market. Retail majors like Wal-Mart are getting ready to have investment in India.
