PROJECT

Projects

Environmental & Social Review Summary

Project Number

48544

Company Name

TRIL Infopark Limited

Date ESRS Disclosed

Jun 28, 2024

Country

India

Region

South Asia

Last Updated Date

Jul 3, 2024

Environmental Category

B - Limited

Status

Active

Previous Events

Approved : Jun 17, 2024
Signed : Jun 26, 2024
Invested : Jun 26, 2024

Sector

other

Industry

other

Department

Regional Industry - MAS Asia & Pac

Project Description

Tata Realty and Infrastructure Limited (TRIL) (https://tatarealty.in/) incorporated in 2007, is a wholly owned subsidiary of Tata Sons Private Limited and is part of the Tata Group (https://www.tata.com/). TRIL is in the business of developing commercial real estate and infrastructure development in India. Under TRILs real estate development vertical, Ramanujan Information Technology City (RITC, now renamed as Ramanujan Intellion Park) in Chennai was the first/ flagship Information Technology (IT) Special Economic Zone (SEZ) project taken up for development in 2009.

Ramanujan Intellion Park was developed through a joint venture between TRIL, Indian Hotels Company Limited (IHCL) and Tamil Nadu Industrial Development Corporation (TIDCO) – a state government entity. TRIL Infopark Limited (TPL) was established as a special purpose vehicle to execute the Project Asset in 2008. In 2021, TRIL established Infopark Properties Limited (“IPL” or the Company) and later, merged TPL (Project entity) into IPL (Holding entity) in June 2023 thus bringing the ownership of Ramanujan Intellion Park to IPL.

The proposed investment is a senior secured loan of up to INR 8,350 mn (approx. US$100 mn equivalent) to be provided towards Infopark Properties Limited (“IPL” or the “Company”) for refinancing of outstanding debt of the Ramanujan Intellion Park (“Project Asset”) (the “Project”). Ramanujan Intellion Park is a fully developed and operational IT Park SEZ project on a land parcel of 25.27 acres located at Taramani in Chennai along Old Mahabalipuram Road (IT Expressway). Project Asset consists of SEZ processing zone and a non-processing zone. Project Asset has a high occupancy rate ranging from 40,000 to 60,000 people working across the six IT Park buildings besides the 112 serviced apartments and convention center in the non-processing zone. The SEZ processing zone area has been developed with a total leasable area of ~4.67 million sqft of IT/ITES office space spread over 6 building blocks. Each building configuration comprise of 3 basement + ground + stilt + amenities + 12 Floors. The non-processing zone has “Taj Wellington Mews Hotel” facility that comprise of 112 serviced apartments and convention Center operated by Taj Hotels (https://www.tajhotels.com/) which is a chain of luxury hotels and a subsidiary of IHCL.

Overview of IFC's Scope of Review

IFCs scope of environmental and social (E&S) review covered both Ramanujan Intellion Park’s IT operations located in the SEZ processing zone and Taj Hotel operations located inside non-processing zone. IFC’s E&S due diligence comprised of: i) review of E&S related documents and information of Ramanujan Intellion Park and Taj Hotel; ii) appraisal meetings and site visit discussions held at Ramanujan Intellion Park in Chennai in October 2023 with TRILs operations team, E&S related staff and primary facility management contractor; and (iii) appraisal meetings and site visit discussions held at Taj Wellington Hotel in Chennai in April 2024 with facility operations management team.

E & S Project Categorization and Applicable Standard

Environmental and Social Mitigation Measures

Stakeholder Engagement

Broad Community Support

Environmental & Social Action Plan