Embassy Group acquires SEZ project from SNP infra

Embassy Group has partially acquired a stalled SEZ project in Chennai from SNP Infrastructure for an undisclosed amount, two people aware of the development said. The 26-acre property on Thoraipakkam-Pallavaram road is close to the airport. Land on Pallavaram road costs about Rs 20 crore per acre. “The special economic zone project was shelved in 2008 by SNP due to bad market condition. It will be partial buyout and partial joint development,” the people cited earlier said.

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