Real estate firm M3M India Pvt. Ltd has entered into an agreement with Tata Realty and Infrastructure Ltd to sell its proposed information technology (IT) special economic zone (SEZ) in Gurugram for about Rs.500 crore.
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 and IT-enabled services in Gurugram with a developable area of 3-3.5 million sq. ft. According to people familiar with the matter, 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 is a 100% subsidiary of Tata Sons Ltd to serve as a real estate and infrastructure development arm.