M3M group to sell Gurgaon IT-SEZ to Tata Realty

M3M India's subsidiary Mikado Realtors Pvt Ltd had got a formal approval from the Commerce Ministry to develop a 25 acre SEZ for electronic hardware, IT/ITES in Gurgaon with a developable area of 3-3.5 million sq ft. According to sources, M3M group has signed an agreement to transfer its shares in the proposed SEZ to Tata group firm Tata Realty and Infrastructure along with Standard Chartered Private Equity.

The deal size is around Rs 500 crore, they added. When contacted, M3M group Director Pankaj Bansal declined to comment. Tata Realty and Infrastructure Ltd (TRIL) is a 100 per cent subsidiary of Tata Sons to serve as a real estate and infrastructure development arm. It has projects in Nagpur, Bengaluru, Chennai, Kochi and Amritsar among others. M3M group has a land bank of around 2,000 acres in the national capital region. It is developing 16 projects, of which about 10 projects are residential.