A cyberport is modelled on the lines of an IT/ITES SEZ in India.
To be developed as a joint venture with the Government of Malaysia which will hold a 30 per cent stake in the project, the Indian realty major will hold the balance 70 per cent through a wholly-owned Malaysian subsidiary.
The project christened Bandar MSC Cyberport, involving a total investment of $650-million and spread over 150-acres, will comprise 5-million sq ft of IT space and 3,501 residential apartments, Sunil Mantri Realty's Chairman, Sunil Mantri, said.
The Indian company will be bringing in its funding through internal accruals and debt. "We are negotiating with a few Malaysian banks for debt of around $300 million and we should be able to tie-up this component within two months," Mantri said.
The Malaysian banks will be lending at just 7 per cent and "this will be a great advantage to us," he said.
As per the agreement with the Malaysian Government which has provided the land as its investment, Sunil Mantri Realty can pump in its $100 million in four tranches, he said.
"We are very positive on this foray--land acquisition is clear and without hassles and there is excellent infrastructure in terms of roads, water supply, availability of power, drainage facilities, etc," he said.
