Citi Property Investors (CPI), the realty investment arm of the CitiGroup has purchased 40% stake in each of the four Special Economic Zones (SEZs) of Delhi-based realty major BPTP for around $160 million (Rs 640 crore).

The four SEZ’s in which CPI has acquired 40% stake are in the National Capital Region of Noida, Greater Noida, Faridabad and Gurgaon.

The SEZ at Greater Noida is spread over 100 acres, while then Noida-based SEZ would come up in 25 acres area. Faridabad SEZ covers 54 acres, whereas the company would develop the Gurgaon SEZ in 27 acres of land.

The fund raised would be used in the development of the SEZs. Earlier, Citi Property had invested Rs 322.5 crore for acquiring an equity stake of 5.89% stake in BPTP.  

Last month, BTPT won the country’s biggest land agreement by winning a bid for a 95-acre commercial plot in Noida’s sector 94 after outbidding the realty major DLF and another Delhi-based developer Omaxe.

BPTP expected its income for the existing fiscal (2007-08) at Rs 1,200 crore and net profit at Rs 400 crore. It could have been impossible for BTPT to make the initial instalment without the injection of fresh funds from outside.

The company has also decided to launch Initial Public Offer (IPO) sometime this year.

Last year, BPTP declared its plan to raise Rs 1,500 crore from public issue in January 2008. But the plan has been delayed due to volatility in the capital market.