The Revel Collective Regulatory News (TRC)

18 Jan 2008 07:02

Trikona Trinity Capital PLC18 January 2008 Trikona Trinity Capital PLC ("Trikona TC" or "the Company") Special Economic Zone approval gained for Delhi based IT project Trikona Trinity Capital PLC (AIM: TRC), a fund created for investing in real estate and real estate related entities across India, is pleased to announce that the Board of Approval in India conferred IT Special Economic Zone ("SEZ") status upon the Company's Uppal IT Park "Tech Oasis" (Development Project 1) on 16th January 2008. SEZ status entitles Development Project 1 and its tenants to claim various fiscal benefits in India, under the applicable SEZ rules and regulations. Under the current project plan, the development is expected to save over £70 million in income tax and a further £15 million in construction costs over the next ten years. Furthermore, the economic benefits available to businesses operating within the SEZ (including a 15 year corporate tax exemption on any export profits) enhance the marketability of the project. The approval brings Trikona TC's SEZ inventory to over 20 million sq.ft in the Delhi region. Aashish Kalra, Managing Director of Trikona Capital said: "It's extremely rareand difficult to obtain SEZ approval for projects of this kind. We areparticularly proud, as we have been involved in every phase from conception todevelopment. We have already realized returns on this project through our recenttransaction with SaschenFonds and we are confident that we will realizeincreased returns going forward." - ENDS - Enquiries: Trikona Trinity Capital PLC managed by Trikona Capital Limited Aashish Kalra, Managing Director +91 11 46596000 Ashesh C. Shah, Global Head of Corporate Development +44 20 7870 3454 Bell Pottinger Corporate & Financial +44 20 7861 3232 Nick Lambert Amy Rajendran Gutenberg Communications Michael Sherrill (New York) +1 212 239 8741 Pranav Kumar (New Delhi) +91 98100 77898 Numis Securities +44 20 7260 1000 Jag Mundi Charles Farquhar Notes to Editors: About the Uppal IT project: •In October 2006, Trikona TC invested in the Uppal IT Park, also known as "Tech Oasis". The project is an IT park with residential, commercial and IT space and is less than 50 kilometres away from the Central Business District of Delhi and near the upcoming international airport. •The project is built on a 76 acre parcel of land located in Greater Noida's Tech Zone on the Taj Expressway Corridor, which will connect Greater Noida with Agra, Faridabad and Gurgaon. •The total capital committed to the project is £28.3million and as of 30 September 2007, the cumulative valuation gain of the project was 186%. •The Tech Oasis is designed to be the destination of choice for multinational IT/ITES companies in area and unlike any other development in India; the Tech Oasis will evoke comparisons not to other Indian IT locales, but to areas such as Tokyo, Shanghai and New York. About Trikona Trinity Capital PLC: Trikona Trinity Capital PLC (AIM: TRC) joined the Alternative Investment Market(AIM) in 2006 and is a fund that is focused on investing in real estate and realestate related entities across India. Investments will typically be structuredas special purpose vehicles or joint ventures, and investments in equity, with atarget size of between £5m and £30m per transaction. Trikona TC holds a diverseportfolio of projects ranging across seven asset classes and became fullyinvested six months ahead of schedule. In November 2007, the Company became the first AIM-listed fund of its kind tosuccessfully realise significant returns on its investments. Attracting anumber of blue-chip investors, Trikona TC is rapidly becoming a leading fund forforeign investment into a lucrative area. The Company currently has a market capitalisation of £233 million. Trikona TCis managed by Trikona Capital, the leading real estate management firm. http://www.trikonacapital.com This information is provided by RNS The company news service from the London Stock Exchange