Shapoorji Pallonji Group has reportedly sold its stake in a commercial real estate project in Hyderabad for Rs 2,200 crore. It seems that the shares in TSI Business Parks (Hyderabad) Private Limited (TSIBPH) have been bought by GIC of Singapore.
In December 2019, shares in TSIBPH were acquired by Shahpur G Pallonji Group and SPREF-2, a joint partner company of Allianz Real Estate. TSIBPH owns the IT special SEZ WaveRock built in an area of 2.4 million square feet at Gachibowli. In this background, this share in WaveRock was sold to GIC.
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