Mumbai, India (PressExposure) February 22, 2012 -- Xander Finance, the Indian NBFC arm of the global investment firm, The Xander Group Inc.has invested 70 crore (US$14 million) in "Times Square", a Grade Aoffice and retail projectin Andheri East promoted by Mr.Rajnikant S. Ajmera of Nilkanth Tech Park Pvt. Ltd. Xander's investment is structured as senior secured non-convertible debt.
Times Square (www.timessquare.in) is a state-of-the art office building located on the Andheri-Kurla Road in Andheri East and is within 300 meters of the upcoming metro station in Marol. The building consists of around 850,000 square feet of retail and office area, of which almost 600,000 square feet has already been developed and ready for possession. The remaining 250,000 square feet is expected to be completed by 2013. Times Square is a LEED Gold certified building with a unique 144 feet centrally sky-lit atrium. The building has a frontage of over 300 feet on Andheri-Kurla Road - oneof the largest frontages any office building in Mumbai has on a main arterial road in the city.
Commenting on the transaction, Mr.Dhaval R.Ajmera, Managing Director of Nilkanth Tech Park Pvt. Ltd., said, "Times Square is a unique project in Andheri with high visibility in the community. We are pleased to partner with Xander as they share our commitment ofdelivering the highest standards of real estate, as well as our long-term vision for the project."
Mr. Sid Yog, Managing Partner of The Xander Group Inc., said, "The Ajmera Group is a leading real estate companyand our investment in Times Square is testament to the quality and execution capabilities of the group. We are happy to partner with them andsee this investment as the start of a meaningful relationship for both groups.This transaction is also an indicator of Xander Finance's reputation as a preferred provider of structured credit in India,and the group's increasing commitment to the Indian market."
Yes Bank was the sole advisor on this transaction.
About Xander Finance Xander Finance is the Indian credit arm of The Xander Group Inc. It is a Non-Banking Financial Company (NBFC) regulated by the Reserve Bank of India and caters to the ever-increasing credit requirements of corporations in India. It is one of the most active NBFCs in the country.
About The Xander Group Inc. The Xander Group Inc. is a global investment firm focused on the infrastructure, hospitality, retail and real estate sectors. Since 2005 the firm has committed over US$ 1.8 billion of equity capital to the Indian market across private, public and credit investments. The firm combines extensive industry knowledge with global experience and relationships, and works with quality promoters, partners and companies across the growth cycle to build and scale businesses and generate superior long term returns. Please visit http://www.thexandergroup.com for further information.
For further information:
Ranjani Sinha Roy
M: +91 9886377941
The Xander Group Inc.
Corporate CommunicationsManaging Director
Tel: + 91 11 6611 8000
Nilkanth Tech Park Pvt. Ltd.
Mr. Dhaval R. Ajmera
Tel: +91 22 61330330