Tata Realty raises Rs 825 crore from IFC to refinance green IT park project in Chennai

In Short:Tata Realty raised Rs 825 crore from IFC to refinance a green IT park project in Chennai. The funds will support sustainable development, enhancing infrastructure while promoting eco-friendly practices in the city’s growing technology sector.

In Detail : Tata Realty on Monday said it has secured Rs 825 crore loan from the International Finance Corporation (IFC) to refinance its green commercial project in Chennai. “This funding is earmarked for the strategic refinancing of Ramanujan Intellion Park in Chennai, a landmark development in sustainable real estate,” the company said.

Ramanujan Intellion Park has achieved a complete reduction of emissions through renewables or carbon off-sets, 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.

Sanjay Dutt, MD & CEO of Tata Realty, said, “The financing from IFC is a strategic investment in advancing our efforts to enhance the sustainability and climate resilience of Ramanujan Intellion Park.”

Dutt said this funding would enable the company to continue its leadership in green building practices.

Elaborating more on the project, Tata Realty said this fully owned and operational IT park hosts between 40,000 to 60,000 professionals across its six buildings daily.