Ansal API & IIML join hands to form SPV

Ansal Properties & Infrastructure Limited, a leading real estate developer in India has signed agreements with IL&FS Investment Managers Limited (IIML), the private equity arm of IL&FS to develop township and IT SEZ in Gurgaon. The agreement was singed in Mumbai by Mr.Pranav Ansal, Director, Ansal API with IILM.

Under the project a Township and IT SEZ in Gurgaon will be constructed spreading over 11 million sq.ft of office, residential and office space at an investment of USD 125 Mn. The project is expected to have a turnover of over USD 1 billion over the next 5 to 6 years.

Speaking at the occasion, Mr. Pranav Ansal, Director Ansal API said, “We are extremely delighted to sign this landmark agreement with IIML. This is yet another feather in our cap and will be amongst our landmark projects in the NCR region. We expect this project to finish in next 6 years. With Gurgaon growing as an important destination for business especially IT, we expect a very good response for the project”.