Embassy Group acquires Stalled SEZ Project in Joint Venture in Chennai from SNP Infrastructure

Embassy Group acquires Stalled SEZ Project in Joint Venture in Chennai from SNP Infrastructure

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8 year(s) ago

Embassy Group Revives Stalled Chennai SEZ Project. Real estate major Embassy Group has acquired a stake in a stalled SEZ project on the outskirts of Chennai. Embassy group has acquired the 26-acre Chennai SEZ project of SNP Infrastructure through Partial Purchase and remaining in Joint Venture. Embassy Group acquires Stalled SEZ Project in Joint Venture in Chennai from SNP Infrastructure

Project Details:

  • Previous Owner: SNP Infrastructure
  • Location: 26-acre property on Thoraipakkam-Pallavaram road, near Chennai airport
  • Project Status: Shelved in 2008 due to market conditions
  • Embassy’s Role: Partial buyout and joint development

Project Revival:

  • Embassy plans to develop over 4 million sq ft of office space.
  • The remaining land will be used for an integrated development with residential and retail components.

Embassy’s Existing SEZ Presence:

  • Embassy boasts a portfolio of multiple SEZs across India.
  • Two of their existing SEZs in Bangalore recently received awards for best performance.

Quotes:

  • Jitu Virwani, Chairman & MD, Embassy Group: “We are excited to add this project to our existing SEZ portfolio and strengthen our presence in Chennai.”
  • Mike Holland, CEO Embassy Office Parks: “Embassy Splendid Tech Zone offers a strategic location with excellent access and strong local amenities.”
  • Mr PR Gopal Raju, Chairman, SNP Infrastructure: “We are happy to partner with Embassy to revive this project.”

Significance:

This acquisition marks Embassy’s expansion into the Chennai market and their commitment to developing high-quality office and commercial spaces. The revived SEZ project has the potential to create jobs, attract businesses, and boost the local economy.

 

Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, The image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article or want to publish your news or article please email news@jvdeals.in

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