Uppal group, which is developing four SEZs in the national capital region (NCR), had earlier received an investment of Rs 300 crore each from realty trust Vornado and investment firm Trinity Capital for its two other SEZ projects. The group would require a total investment of around Rs 8,000 crore for its four SEZ projects over the next five to seven years.

Both 25-acre Noida and 26-acre Greater Noida projects are IT/ITeS SEZs and have also received the government approval. "The master plan for both Noida and Greater Noida SEZs will be ready in a couple of days," says Mr Mangal. Uppal group, which clocked a revenue of Rs 775 crore last fiscal, is in negotiations with two global bankers for raising debt to fund the two projects.

The company's biggest SEZ project is 263-acre multi-service SEZ located close to Manesar in NCR. The company is in talks with multiple international service providers for having them as tenants in the SEZ, which has already been notified. New York-based real estate investment trust Vornado bought 50% stake in the project for Rs 300 crore over a year ago.

Another Uppal group project, which has been notified is 84-acre IT/ITeS SEZ located alongside Delhi-Gurgaon Expressway. US-based investment firm Trinity Capital bought 33% stake in the project for $75 million. PE players have been showing great interest in the SEZs being developed in the country.

Recently, Citigroup's realty arm Citi Property Investors bought 40% stake in an SPV overseeing four SEZs of Delhi-based real estate firm BPTP for $160 million. Last Year, Lehman Brothers and DE Shaw had invested $600 million in DLF Assets Ltd, a company owned by the promoters of DLF, which owns IT SEZs.