Tata Realty gets Rs 825 cr from IFC for advancement in Chennai green asset
Tata Realty has secured a Rs 825 crore loan from the International Finance Corporation (IFC). This funding is earmarked for the strategic refinancing of Ramanujan Intellion Park in Chennai, a landmark development in sustainable real estate.
As India’s first and largest IFC EDGE Zero Carbon certified asset, this certification recognises the park’s design and operational strategies that substantially reduce its carbon footprint, directly contributing to the fight against climate change. Ramanujan Intellion Park has achieved a complete reduction of emissions through renewables or carbon offsets, saving more than 20 per cent on water and embodied energy in materials while attaining over 42 per cent energy savings on-site.
Located strategically along Old Mahabalipuram Road (IT Expressway) in Taramani, Chennai, the 25.27-acre Ramanujan Intellion Park encompasses both a Special Economic Zone (SEZ) processing area and a non-processing zone. This fully owned and operational IT park hosts between 40,000 to 60,000 professionals across its six buildings daily, underscoring its high occupancy rate and vital role in the region’s IT infrastructure.
Additionally, the park includes the Taj Wellington Mews Hotel facility, which offers 112 serviced apartments and a 1,500-seater convention centre in the non-processing zone, operated by Taj Hotels, a chain of luxury hotels and a subsidiary of Indian Hotels Company (IHCL). The facility is entirely managed by women, enhancing service quality and championing gender equality and empowerment in the hospitality industry.
This financing initiative is part of Tata Realty’s broader commitment to advance its sustainability efforts and elevate the standard of green commercial spaces across India. The funds will further integrate state-of-the-art sustainable technologies and practices at this flagship asset, which boasts a total leasable area of approximately 4.67 million sq ft of IT/ITES commercial office spaces.
Sanjay Dutt, managing director and chief executive officer of Tata Realty, elaborated on the funding’s impact, stating, “The financing from IFC is a strategic investment in advancing our efforts to enhance the sustainability and climate resilience of Ramanujan Intellion Park. It enables us to continue our leadership in green building practices and reinforces our commitment to developing environmentally responsible assets that align with global sustainability targets.”
Adding to the significance of the partnership, Imad N. Fakhoury, IFC’s regional director for South Asia, commented, “Business parks are key to greening the real estate sector, and Tata Realty’s Ramanujan Intellion Park is at the forefront of this transformation. IFC’s investment highlights the pivotal impact that climate-focused financing has in driving substantial environmental progress and will support Tata Realty to expand its portfolio of net zero carbon buildings.”
First Published: Jul 08 2024 | 4:52 PM IST