IL&FS Realty Fund, a private equity fund managed by Infrastructure Leasing and Financial Services (IL&FS), has picked up 30% stake in JB Pharma SEZ for $15 million (Rs 75 crore). Two nationalised banks — State Bank of India (SBI) and State Bank of Mysore — have financed the Rs 84 crore debt to the special economic zone (SEZ) project. JB Pharma SEZ has been formed to set up a pharma SEZ. It’s jointly promoted by the real estate firm HBS Realtors and JB Mody family — the promoters of JB Chemicals and Pharmaceuticals — at Panoli in Gujarat. Consulting firm Ernst & Young (E&Y) was the advisor to JB SEZ’s fund raising. The total cost of the project is estimated at around Rs 160 crore. Confirming the development, Sandeep Shah, managing director, HBS Realtors, said, “The promoters have diluted 30% equity stake in the SEZ project to IL&FS Reality. Post-dilution, the promoters will hold 35% stake each in the project.” […]