Mukesh Ambani-backed Urban Infrastructure Opportunities Fund (UIOF), which is managed by senior Ambani associate Anand Jain, is expected to pick up 44% stake in Pondicherry Fashion City project for around Rs 200 crore.
Sources said UIOF has emerged as the preferred investor for the Pondicherry SEZ Company (PSEZCo) in which the state government and two other private promoters will hold the remaining stake. Others who had shown interest in the Rs 3,700-crore project included Warburg Pincus, Goldman Sachs and IDFC, sources added.
UIOF has already raised over Rs 3,200 crore. The project coming up on a 993-acre land in South Pondicherry will offer manufacturing, design, education, warehousing, exhibition and IT-backed ventures for apparel and other fashion sectors. The project is conceived as an integrated fashion township offering manufacturing, exhibition and logistics support to the global industry.
(Source: Economic Times)
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