NEW DELHI: Real estate firm Ansal Properties and Infrastructure (API) has announced its tie-up with IL&FS Investment Managers (IIML) for developing a township and an IT SEZ in Gurgaon with an investment of 125 million dollar (about Rs 513.62 crore).

"The company has signed two agreements with IIML, the private equity arm of IL&FS, to develop two projects of townships and IT SEZ in Gurgaon," Ansal Properties said in a release.For the development of the projects, both companies would form a Special Purpose Vehicle (SPV), it informed.Speaking at the occasion, Ansal API Director Pranav Ansal said, "We are extremely delighted to sign this landmark agreement with IIML.

This is yet another feather in our cap and will be amongst our landmark projects in the NCR region." These projects would be constructed in an area spreading over 11 million sq ft of residential and office space at an investment of about 125 million dollars, it added.The Delhi-based property developer expects a turnover of more than one billion dollar (over Rs 4,100 crore) in the next five to six years from these projects.

IL&FS would have 49 per cent stake in both the projects, Ansal API President (Marketing) said, adding the investment of 125 million dollar would be done by both Ansal and IIML.Earlier in July, Ansal Properties signed an MoU with Mahesh Bhupathi's Globosport Infrastructure to set up tennis academies in 16 townships developed by API across the country.In the same month, API had signed an agreement with Fortis Healthcare Holding Ltd (Fortis) for setting up a Medicity at its Sushant Golf City Project in Lucknow.Shares of API were last trading up 1.88 per cent in the afternoon at Rs 265.25 on Bombay Stock Exchange.

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