New Delhi: Real estate firm Uppal Group is planning to invest over Rs 8,000 crore in the next five years to develop four special economic zones and two hotels in the north India.
The Delhi-based company has already received the notification for two SEZs in Gurgaon, while it has got the formal approval for two SEZs planned in Uttar Pradesh.
“Infrastructure work has already started on the 263 acre multi-service SEZ in Gurgaon where we will develop 22 million sq ft in different phases,” Uppal CEO (SEZs and Hotels) Gian Bansal told PTI.
The project cost of the SEZ, including land, is Rs 5,000 crore, he said, adding that the project would be completed by 2013.
The construction work on another SEZ in Gurgaon is expected to start in the next three months.
“We are developing an IT/ITeS SEZ in Gurgaon spread over 87 acre of land with built up area of nine million sq ft. The project cost is about Rs 1,500 crore,” Bansal said, adding that this project would be completed in the next three years.
Uppal is also planning to develop two more SEZs in UP over 26 acre of land each.
“We have got the formal approval for two IT SEZs in UP and notification is under process,” he said. The construction on both the SEZs -- one in Noida and another in Greater Noida -- would start in five months. A total investment of Rs 800 crore would be made on these two projects.
When asked about the source of funding for SEZs, he said it would be done through internal accrual, debts and private equity at project level.