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Green IT Park gets boost, Tata Realty raises Rs 825 crore for Chennai project
The Business Guardian
|July 09, 2024
Tata Realty announced on Monday that it has secured a loan of Rs 825 crore from the International Finance Corporation (IFC) to refinance its green commercial project, Ramanujan Intellion Park, in Chennai.
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The funding is designated for the strategic refinancing of this landmark sustainable real estate development, which boasts significant environmental achievements.
Ramanujan Intellion Park, located along Old Mahabalipuram Road (IT Expressway) in Taramani, Chennai, spans 25.27 acres and includes both a Special Economic Zone (SEZ) processing area and a non-processing zone. The park has successfully reduced emissions through the use of renewable energy sources or carbon offsets, saved over 20 percent on water and embodied energy in materials, and achieved more than 42 percent energy savings on-site.
Sanjay Dutt, Managing Director and CEO of Tata Realty, highlighted the importance of this financing from IFC, describing it as a strategic investment that advances Tata Realty’s sustainability and climate resilience efforts at Ramanujan Intellion Park. The funding will enable Tata Realty to continue leading in green building practices.
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