New Delhi, January 21, 2008: Trikona Trinity Capital PLC (AIM: TRC), a fund created for investing in real estate and real estate related entities across India, has announced that the Board of Approval in India conferred IT Special Economic Zone (”SEZ”) status upon the Company’s Uppal IT Park “Tech Oasis” (Development Project 1) on 16th January 2008.
SEZ status entitles Development Project 1 and its tenants to claim various fiscal benefits in India, under the applicable SEZ rules and regulations. Under the current project plan, the development is expected to save over £70 million in income tax and a further £15 million in construction costs over the next ten years. Furthermore, the economic benefits available to businesses operating within the SEZ (including a 15 year corporate tax exemption on any export profits) enhance the marketability of the project.
The approval brings Trikona TC’s SEZ inventory to over 20 million sq.ft in the Delhi region.
Aashish Kalra, Managing Director of Trikona Capital said: “It’s extremely rare and difficult to obtain SEZ approval for projects of this kind. We are particularly proud, as we have been involved in every phase from conception to development. We have already realized returns on this project through our recent transaction with SaschenFonds and we are confident that we will realize increased returns going forward.”
Source: INRNews.com
0 Responses to “Trikona Trinity Capital gets SEZ status for Delhi IT Park”
Leave a Reply
You must login to post a comment.