Indian Realty Fund to invest $100m
India’s IL&FS Realty Fund said on Tuesday it would invest $100 million in a start-up property developer QVC Realty Ltd that would build hotels, homes and townships.
IL&FS Realty, the real estate india fund of private equity firm IL&FS Investment Managers Ltd, will own 100 per cent of QVC. As the projects come up, founders of QVC will get equity stakes for an undisclosed amount, a top official said.
“We have committed $100 million and the management will take a stake on delivery,” Shahzaad Dalal, vice chairman & managing director of IL&FS Investment Managers, told reporters.
QVC will develop 100 acre township in Gurgaon, near New Delhi, and is tying up 100 acres in the technology hub of Bangalore for a similar project, Prakash Gurbaxani who founded the firm in January said.
The combined market value of the two projects could be Rs30 billion ($699 million), said Gurbaxani, a former executive at the Indian joint venture of Tishman Speyer and ICICI Venture.
Source://thenews.com
IL&FS Realty, the real estate india fund of private equity firm IL&FS Investment Managers Ltd, will own 100 per cent of QVC. As the projects come up, founders of QVC will get equity stakes for an undisclosed amount, a top official said.
“We have committed $100 million and the management will take a stake on delivery,” Shahzaad Dalal, vice chairman & managing director of IL&FS Investment Managers, told reporters.
QVC will develop 100 acre township in Gurgaon, near New Delhi, and is tying up 100 acres in the technology hub of Bangalore for a similar project, Prakash Gurbaxani who founded the firm in January said.
The combined market value of the two projects could be Rs30 billion ($699 million), said Gurbaxani, a former executive at the Indian joint venture of Tishman Speyer and ICICI Venture.
Source://thenews.com
posted by Real Estate India at
10:18 PM
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