Real estate developer ATS Infrastructure will initiate talks with private equity firms to raise Rs 1,500 crore to develop land in Noida, for which it recently emerged as the highest bidder.
The Noida Authority recently finalised the price bid of ATS for a sports city, to be developed across 125 acres, with 35 acres reserved for a cricket stadium..
"We have paid Rs 67.5 crore to the authority and need to pay another Rs 200 crore by October 1," said Getamber Anand, chairman and managing director of ATS Infrastructure.
The company has option to sell the land for the stadium, he said. The land has a floor area ratio (FAR) of 2. FAR means permissible construction on a given plot.
