OREANDA-NEWS. Essar and RMZ Corp announce the signing of definitive agreement in connection with acquisition of Equinox Business Park, a 1.25 mnsft office space prominently located in Mumbai’s prime CBD at Bandra-Kurla Complex for approx. Rs. 2400 Cr. The business park houses tenants including Nissan Motors, Acropolis, Crompton Greaves, Gilbarco Aegis, Lafarge and alike besides the offices of Essar. 

This is the latest in a series of large office space buyouts by RMZ Corp who have created a portfolio of rent-yielding commercial assets in India. 

“We are progressing our vision to create a more attractive and engaging environment which meets the changing needs of our customers. We are confident that with this acquisition we will extend our core businesses into the growing markets with a world-class development opportunity in the heart of one of Mumbai’s major regeneration zones” said Mr. Manoj Menda Corporate Vice Chairman RMZ Corp.

RMZ holds 20 mnsft of core assets under management and is accelerating towards achieving a 5 year growth plan of 80 mnsqft, anchored by Qatar Investment Authority

Commenting on the transaction, Mr. Anshuman Ruia, Essar said, “This transaction fits in with Essar’s strategy of successfully building businesses and actively managing the portfolio of assets to create and deliver value. This is in line with the present objective and focus of Essar to monetise non core assets and deleverage the balance sheet. RMZ is one of the pioneer in commercial real estate development in India and I am sure this asset will create an exciting future platform for RMZ, its customers and stakeholders in Mumbai and the western region”

About RMZ Corp:
RMZ Corp is one of the most successful South Asian real estate development firms, with an unmatched portfolio in India. The organization has acquired and developed over 20 mn sft of properties. Its prestigious and prolific portfolio includes over $ 3 billion in real estate assets. An implicit sense of business conduct is the cornerstone of RMZ Corp’s corporate governance and it continues to demonstrate exemplary professional approach and highest appreciation of office assets being the market leader

About Essar:
Essar Global Fund Limited is an investment fund managed by its investment manager, Essar Capital Limited. The Fund is a global investor, controlling a number of world-class assets diversified across the core sectors of Energy, Metals & Mining, Infrastructure (comprising ports and EPC businesses) and Services (primarily comprising shipping and BPO businesses).