Uppal

New Delhi, June 12 (UNI) Real estate developers Uppal Group and Luxor Group will divest their shareholding in the special purpose vehicle (SPV) to the UK-based investment banking firm Trinity Capital for over Rs 300 crore.

In this direction, a memorandum of understanding (MoU) has been signed with the Trinity Capital today.

''Through this association, we will invest towards the development of a multi product SEZ in Gurgaon, which is expected to be completed by 2011,'' Uppal Group Managing Director Manish Uppal said.

The SPV was floated by the two companies to develop 10 million square feet on a 67-acre plot for upcoming notified SEZ's in Gurgaon.

Of the total space, 6.5 million square feet will be used directly as IT space and 3.5 million square feet will be developed for supporting usage.

This facility will be housing apart from the IT space, supporting infrastructure such as, restaurants, housing, schools, hospitals, entertainment zones among other essential services, a statement said.

The project, scheduled to start by the second half of this year, is one of notified SEZ's in the Delhi and NCR, located in Gurgaon.

UNI