Tata Realty raises Rs 825 crore from IFC to refinance green IT park project in Chennai | India News – Times of India

NEW DELHI: Tata Real Estate said on Monday that it has secured a loan of Rs 825 crore from the International Finance Corporation (IFC) to fund its green commercial project in Chennai. “This financing is for the strategic refinancing of Ramanujan Intellion Park in Chennai, a milestone in development sustainable real estate“, the company said.
Ramanujan Intellion Park has managed to reduce emissions entirely through renewable energy sources or CO2 compensation. This has saved more than 20 percent on water and energy processed in materials. On-site energy savings of more than 42 percent have also been achieved.
Strategically located along the Old Mahabalipuram Road (IT Expressway) in Taramani, Chennai, the 25.27-acre Ramanujan Intellion Park comprises both a processing area and a non-processing area in the Special Economic Zone (SEZ).
Sanjay DuttMD & CEO of Tata Realty, said: “IFC’s funding is a strategic investment in furthering our efforts to sustainability and climate resilience of Ramanujan Intellion Park.”
Dutt said the funding would enable the company to continue its leadership in green building practices.
Elaborating on the project, Tata Realty said that this fully owned and operational IT park will accommodate between 40,000 and 60,000 professionals on a daily basis across six buildings.
The IT park includes the Taj Wellington Mews Hotel, which offers 112 serviced apartments and a 1,500-seat conference centre in the non-processing zone.
This financing initiative is part of Tata Realty’s broader commitment to further its sustainability efforts and raise the standard of green commercial spaces across India, the statement said.
The funds will further integrate the latest sustainable technologies and practices into this flagship property, which has a total lettable area of ​​approximately 4.67 million square feet of commercial IT/ITES office space.
Imad N Fakhoury, IFC’s Regional Director for South Asia, said: “Industrial parks are essential 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 wholly owned subsidiary of Tata Sons and one of the leading real estate development companies in India with a comprehensive portfolio of over 50 projects across 15 cities.
Tata Realty and Infrastructure Ltd has developed approximately 17.6 million square feet of commercial projects and has approximately 16.7 million square feet of projects under development and planning.