The Hindu Business Line : New Vernon acquires 50 pc equity stake in Intelligent Infra

New Vernon, a $1.4-billion private, India-specific fund of the US, has acquired 50 per cent equity stake in the Kolkata-based Intelligent Infrastructure Ltd for a consideration of Rs 30 crore. Intelligent Infrastructure Ltd, a joint venture of the Surekha Group and the Shrachi Group, is setting up Globsyn Crystals, an IT infrastructure project at the Salt Lake Electronics Complex here at an estimated investment of Rs 100 crore.

According to Mr Pradeep Surekha, Director of the Surekha Group, Intelligent Infrastructure Ltd has a paid-up equity of Rs 10 crore. The agreement was specific to the Globsyn Crystals project and the US-based fund would now have its nominees on the Indian company's board of directors.

Mr Surekha said this was the first-of-its-kind investment by an overseas private fund in the equity of any IT infrastructure company in Eastern India.

He said Globsyn Crystals would be a modern IT workspace of international standards, spread over six lakh sq ft . The first phase of the project would be over by March 2007 and the entire project would be completed a year thereafter.

Speaking on the occasion, Mr Tariq Vaidya, Principal of New Vernon, said there was a big untapped market in the IT infrastructure arena in Kolkata. On its investment in Intelligent Infrastructure Ltd, New Vernon was hopeful of returns within the next 4-7 years. Besides the project in Kolkata, New Vernon has also invested in an IT park project in Pune. Talks were under way with a Chennai-based promoter for setting up an IT park there as well.

Mr Vaidya said New Vernon's investment in Intelligent Infrastructure Ltd would also facilitate the marketing of Globsyn Crystals among its clients. "We will also help in bringing tenants to Globsyn Crystals," he said.