Hiranandani Upscale seeks Rs800 crore

Hiranandani Upscale, a fully-owned company of Mumbai-based developer Hiranandani Group, is looking to raise Rs 800 crore by selling project-level stake to private equity investors in the next two years.

“We are looking to acquire land plots with this Rs 800 crore and would develop residential projects in the national capital region, Chennai, Hyderabad, Pune and Kolkata in the next two years. Our long-term goal is to earn sales of Rs 9,000 crore in the next seven years from pan-India operations,” managing director Surendra Hiranandani told
DNA.

The company has achieved financial closure for acquisition of land plots for three of its new projects. The money was raised from private equity players.

However, the company did not provide financial details on the developments.

For the new and existing projects, Hiranandani Upscale is looking at total developable space of 50 million square feet of long-gestation township projects.

Land has already been acquired for the current projects in Bangalore and Chennai, while future funding would primarily be through private equity placement and some working debt.

The company maintains a controlling stake in the projects, as the stakes sold to investors are minority stakes, mostly in the acquisition of the land plots.

PE play
Company has raised money from PE players for acquisition of land plots for 3 new projects.

Land has already been acquired for projects in Bangalore and Chennai.

It is looking at total developable space of 50 mn sq ft of long-gestation township projects.