Habibganj Railway Station: Interups invests USD 125 million in the first PPP model redevelopment of the mega project

Interups, a New York-based fund house, led by Indian born Laxmi Prasad has partnered with the Bhopal based Bansal Group to upgrade the much anticipated, Habibganj Railway Station. This is the first-ever PPP model initiative which will redefine the concept of railway station in India.

The US-based fund has inked USD 125 million joint venture deal with the Bhopal Based Bansal group for 49% partnership in the Bansal Pathways Habibganj Private Limited.

To be revamped as a public-private partnership (PPP), the country's very first private railway station, Habibganj is all set to become a swanky commercial hub with shops, offices and hotels. The development of the eagerly-awaited mega project will take place in two phases- first, being the construction of two office-cum- shopping complexes while the second,being formation of a multi-specialty hospital, a budget and five-star hotels.  The station will encompass a parking space for 300 cars, 850 two-wheelers, rickshaws, taxis and buses. The joint venture will look after all the facilities at the station including food stalls, retiring rooms, power, platform maintenance and parking among other aspects. The joint venture entity plans to bid for 20 more such railway stations in India and sponsor these assets into REIT and InvIT, making it the most advanced financial model to be introduced into India with the help of qualified retirement assets from across the world yielding stable returns and capital gains year on year basis.

Interups Inc which is a public listed company in the US is engaged in the business of identifying and investing into business opportunities or transactions either directly or on behalf of its stakeholders, affiliates, associate concerns and clients. The Fund plans to acquire assets worth USD10.5 billion (approx. Rs.76,800 Crores) in India, comprising of an airline, luxury resorts and a financial services company.

The fund house has also entered into the hospitality space to build a 159 key hotel in Katra, Jammu and Kashmir and to develop a 8 tower residential project in Dharamshala in collaboration with one of the renowned builders of North India. Interups has committed a total of USD 20 million for these two projects.

The fund house offered Rs.1,260 crore for Claridges Hotels and USD 34 million for Mahabalipuram Intercontinental Hotel Resort. It will further invest upto $450 million for an all-equity buyout of Lavasa and expects to cough up an additional $150 million towards maintenance of the property.

Interups Inc. is one of the main contenders and ready to put forward its bid for national carrier Air India (AI).

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