BANGALORE: One of the largest foreign investor in Indian realty sector Xander, is gearing up to acquire 100 pc stakes of an IT Special Economic Zone (SEZ)  from the Shriram group for Rs 690 cr.

The global fund house has infused over $ 1.2 billion in Chennai, has inked a initial deed and is working towards a final deal to settle down. Shriram Properties, the diversified arm of the giant Shriram Group, has developed the SEZ  on 58 acres purchased from Standard Motors in 2006.

Shriram Group and Sun Apollo a private investor which owns a share in the project have been in talks to decide the valuation for the tech-park from past one year. Another bidder Ascendas a Singapore based IT park developer had also shown interest in the property but was discarded due to lower bid. The Shriram Group is developing a 2.5-million sq ft tech-park, of which 1.7 million sq ft will be ready in next three months.

The Southern giant declined to give comment on the deed, while Xander remained silent through the proceedings.

The SEZ is mostly leased, except for the 2,00,000 sqft nearing completion currently. Sources said Xander is likely to have first right of refusal on the remaining 8,00,000 sq ft of commercial space development , which is expected to be completed in next 2 years.