Tata Realty and Infrastructure Limited (TRIL), a wholly-owned subsidiary of Tata Sons has decided to raise a $1 billion (Rs 4,700 crore) through Infrastructure Fund, by December 2009.

TRIL, which focused on developing long-term infrastructure projects and large FDI (foreign direct investment) compliant real estate projects, intends to develop infrastructure and real estate projects amounting to Rs 20,000 crore within three years.  

Giving detail regarding utilization of funds, a senior company official informed that the company will invest Rs 11,000 crore in real estate, Rs 5,000 crore on road projects and Rs 4,000 crore on other infrastructure projects.

On the realty front, TRIL is presently developing a 25-acre IT/ITeS SEZ in Chennai, which is scheduled to be completed by December 2011. Apart from this TRIL is also developing IT SEZs in Ahmedabad (1.4 million sq. ft.) and in Hinjewadi (Pune, 3 million sq. ft.) for group company TCS.  

Further, the company will also develop the third IT SEZ for TCS in Kolkata.

Apart from commercial projects, the firm is also planning residential complexes at two places in Mumbai, two places in Bangalore, Kochi, Nagpur and Chennai.

Earlier, TRIL has raised an offshore fund Tata Realty Initiatives Fund (TRIF-I) to fund the real estate projects — aggregating $700 million, out of which $50 million was contributed by Tata Sons.

It should be noted that TRIL’s plans come at a time when top real estate developers — such as DLF, Unitech, HDIL and others — have lined up a slew of mid-income housing projects.