Interups buys 49 per cent stake in the Bansal Pathways Habibganj Pvt Ltd
Interups has inked a ₹950-crore joint venture deal with the Bhopal-based Bansal Group. Through this deal, Interups will get 49 per cent stake in the Bansal Pathways Habibganj Private Ltd. The joint venture will focus on upgrading the Habibganj Railway Station.
This is a PPP model initiative through which India will get its very first private railway station, Habibganj, Bhopal (Madhya Pradesh) is all set to become a swanky commercial hub with shops, offices and hotels.
The development of the project will take place in two phases; construction of two office-cum-shopping complexes and a multi-specialty hospital along with a budget and five-star hotels in the second phase.
The station will encompass a parking space for 300 cars, 850 two-wheelers, rickshaws, taxis and buses. The joint venture will look after all the facilities at the station including food stalls, retiring rooms, power, platform maintenance and parking among other aspects.
The joint venture entity plans to bid for 20 more such railway stations in India and sponsor these assets into REIT (Real Estate Investment Trusts) and InvIT (Infrastructure Investment Trust), making it the most advanced financial model to be introduced into India with the help of qualified retirement assets from across the world yielding stable returns and capital gains year on year basis.
Interups Inc which is a public listed fund in the US is engaged in the business of identifying and investing into business opportunities or transactions either directly or on behalf of its stakeholders, affiliates, associate concerns and clients. The Fund plans to acquire assets worth $10.5 billion (approx. ₹76,800 crores) in India, comprising an airline, luxury resorts and a financial services company.
The fund house has also entered into the hospitality space to build a 159-key hotel in Katra, Jammu and Kashmir and to develop an 8-tower residential project in Dharamshala in collaboration with one of the renowned builders of North India. Interups has committed a total of ₹20 million for these two projects.
The fund house had offered .₹1,260 crore for Claridges Hotels and ₹34 million for Mahabalipuram Intercontinental Hotel Resort. It will further invest up to $450 million for an all-equity buyout of Lavasa and expects to cough up an additional US$ 150 million towards maintenance of the property.