Tata Realty raises Rs 825 crore from IFC to refinance green IT park project in Chennai

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New Delhi, Jul 8 (PTI) Tata Realty on Monday said it has secured Rs 825 crore loan from the International Finance Corporation (IFC) to refinance its green commercial project in Chennai.

"This funding is earmarked for the strategic refinancing of Ramanujan Intellion Park in Chennai, a landmark development in sustainable real estate," the company said.

Ramanujan Intellion Park has achieved a complete reduction of emissions through renewables or carbon off-sets, saving more than 20 per cent on water and embodied energy in materials while attaining over 42 per cent energy savings on-site.

Located strategically along Old Mahabalipuram Road (IT Expressway) in Taramani, Chennai, the 25.27-acre Ramanujan Intellion Park encompasses both a Special Economic Zone (SEZ) processing area and a non-processing zone.

Sanjay Dutt, MD & CEO of Tata Realty, said, "The financing from IFC is a strategic investment in advancing our efforts to enhance the sustainability and climate resilience of Ramanujan Intellion Park." Dutt said this funding would enable the company to continue its leadership in green building practices.

Elaborating more on the project, Tata Realty said this fully owned and operational IT park hosts between 40,000 to 60,000 professionals across its six buildings daily.

The IT park includes the Taj Wellington Mews Hotel facility, which offers 112 serviced apartments and a 1,500-seater convention centre in the non-processing zone.

This financing initiative is a part of Tata Realty's broader commitment to advance its sustainability efforts and elevate the standard of green commercial spaces across India, the statement said.

The funds will further integrate state-of-the-art sustainable technologies and practices at this flagship asset, which boasts a total leasable area of about 4.67 million sq ft of IT/ITES commercial office spaces.

Imad N Fakhoury, IFC's Regional Director for South Asia, said, "Business parks are key to greening the real estate sector, and Tata Realty's Ramanujan Intellion Park is at the forefront of this transformation." Tata Realty and Infrastructure Ltd is a 100 per cent subsidiary of Tata Sons and one of the leading real estate development companies in India with an extensive portfolio of over 50 projects across 15 cities.

Tata Realty and Infrastructure Ltd has developed around 17.6 million square feet of commercial projects and has around 16.7 million square feet of projects under development & planning. PTI MJH DR