VARANASI, Mar 10: Construction major Shapoorji
Pallonji, which is eyeing opportunities in the smart city
space, is looking to raise Rs 850 crore over thesix months to
fund its Bengaluru and Eluru smart city projects, a top
company official has said.
It is looking at raising a debt of Rs 450 crore for
the Eluru project and Rs 400 crore for the Bengaluru project,
the official added.
We are trying to tie up funds for both the projects.
Both are BOT projects and will be funded by debt. We are
approaching multiple lenders, including IFC, Shapoorji
Pallonji director Debasis Mitra told a select media group
He said they are looking to raise funds for the
Bengaluru project in the next four months and within the next
six months for the Eluru project.
While the Eluru project is worth Rs 1,400 crore,
Bengaluru its Rs 1,000 crore.
Eluru project is a suo moto proposal and it signed the
relevant contract recently.
It is a hybrid annuity model and the company will do
seven different projects like road improvement, 19 traffic
junction improvement, intelligent traffic management, smart
grids and energy management, sewage treatment and storm-water
It will be the companys first independent smart city
project and it will operate and manage it for 10 years.
The Bengaluru project is a public private partnership
project where the company will replace 5 lakh street lights
with LED bulbs and will be a smart project that will have
sensors at poles to control the lighting and save energy.
Its a consortium where Shapoorji Pallonji owns 59
percent stake, Samudra Technologies has 15 percent stake and
SMC the remaining 26 percent share.
The project will be completed in the next 30 months
spread over five phases and it will operate and manage it for
Recently it completed a Rs 150-crore command and
control centre for the Varanasi smart city in an EPC model.
It will operate and manage the city for the next five
The USD 6-billion Shapoorji Pallonji group said it is
looking at more opportunities in the smart cities and
IT-enabled areas but would be selective in its bids and would
look at projects over Rs 150 crore with three or four