Infinity BPO HQ sale

10 years, 8 months ago - March 23, 2011
The building was purchased by the State Investment Corporation (SIC) for Rs374.9 million

The Vice Prime Minister and Minister of Finance and Economic Development, Mr Pravind Jugnauth, revealed on March 22, 2011 that the Infinity Tower and building was valued by the Chief Government Valuer at Rs340 million on March 5, 2010, and was purchased by the State Investment Corporation (SIC) for Rs374.9 million, inclusive of taxes and notary fees, on May 31.

According to Mr Jugnauth, the money was used to pay Barclays Bank to settle secured debts, refund of debenture amount to SIC Ltd, settlement of interest accrued on debentures, settlement of registration dues, land transfer tax and notary fees, advance rental, completion of building and repayment of unsecured debt and IFA fees, totalling Rs374.9 million.

Mr Jugnauth, answering to a parliamentary question of opposition MP Reza Uteem, said that both River Heights Ltd, the contractor which constructed the building and Infinity BPO Ltd, do not owe any money to the government.

Text by NewsNow.mu

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