| SignatureGlobal India today inked an agreement to form a joint venture with RMZ, a leading developer and asset manager of commercial real estate in India, to develop a mixed-use project comprising office buildings, hotels, and retail spaces on the Southern Peripheral Road (SPR) in Gurugram. <p> Under the agreement, Signature Global and RMZ will form a 50:50 joint venture, with RMZ committing an investment of Rs 1,283 crore to acquire a 50% equity stake in the project. <p> As part of the transaction, the Company, Gurugram Commercity (GCL), a wholly owned subsidiary of SignatureGlobal, and Millennia Realtors , an RMZ entity, have entered into a Securities Subscription and Purchase Agreement (SSPA). Under the SSPA, RMZ will acquire a 50% equity stake in GCL through a combination of share purchase and share subscription, for an aggregate consideration of up to Rs 1,283 crore. <p> Located on the Southern Peripheral Road, the project will have a Floor Space Index (FSI) of 3.94 million square feet. <p> The total capital value of the development upon completion is expected to be in the range of Rs 14,000–16,000 crore, positioning the project among the larger mixed-use developments in the region. |