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The Xander Group has signed a ₹2,300-crore ($350 million) deal to acquire Shriram Properties’ Gateway Special Economic Zone near Chennai. While Xander will pay $190 million for the SEZ, it will invest $160 million more to expand the commercial component of the SEZ. The deal involves 1.7 million sq ft of occupied and operational SEZ, and a partnership with Shriram Properties to deliver 1.9 million sq ft under construction. Gateway is a 58-acre township including office space, shopping mall and residential apartments. Shriram will continue to develop and own the residential and retail components comprising 2.6 million sq ft, while Xander can develop an additional 1 million sq ft of office space.
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