Shapoorji Pallonji Investment Advisor, the investment arm of Shapoorji Pallonji Group, is acquiring Adani group's Inspire KBC project in Bandra Kurla Complex, Mumbai’s teeming business district. The project, developed by Adani Group’s realty arm Adani Realty, is being sold at Rs 2,000 crore.
According to this Economic Times report, Shapoorji Pallonji Investment Advisor has completed due diligence for the 8 lakh sq ft project in the heart of the metropolis. The company was the frontrunner out of seven strong shortlisted bidders for the project.
The prospective buyers included America’s private equity major Blackstone Group, and an alliance of Qatar Investment Advisors and RMZ, Bengaluru-based realty firm, the ET report said.
“The due diligence process for the asset has been concluded recently, and currently the final documentation is going on. The deal is expected to be concluded soon as both the parties have frozen the structure of the transaction,” one person privy to the knowledge has been quoted as saying in the ET report.
The report mentioned that Adani is working on to secure a few more clearances from Mumbai's civic body, Brihanmumbai Municipal Corporation. Besides this, some lease deals are also being completed.
The project has already got its first client in Swiss multinational pharmaceutical major Novartis' India which has inked a deal to pick up over 1 lakh sq ft office space. Incidentally, this is one of the largest front office commercial transactions in terms of space in the country's financial capital in 2017, according to the ET report.
Firstpost is now on WhatsApp. For the latest analysis, commentary and news updates, sign up for our WhatsApp services. Just go to Firstpost.com/Whatsapp and hit the Subscribe button.
Updated Date: Jan 09, 2018 15:32 PM