Ajay Piramal group promoted Indiareit Fund Advisors is planning to raise up to Rs 4,500 crore from overseas and domestic markets to invest in real estate projects in India.
The real estate venture capital fund would raise the amount in two tranches. While Rs 700 crore would be raised initially from the domestic market by the end of this month, the company plans to raise nearly one billion (Rs 3,800 crore) dollar from overseas markets by mid next year.
“We have already raised Rs 1,350 crore from the existing Indiareit fund and we plan to raise another Rs 700 crore from the domestic market and 750 million to one billion dollar from overseas markets for future investments,” Piramal Enterprises Chairman Ajay Piramal said on the sidelines of India Economic Summit.
He said the amount raised from both domestic and international markets would be used to fund real estate projects in India only.
Presently, Indiareit manages a corpus of about Rs 1,800 crore, which includes an offshore fund, in which 3i, a major private equity and venture capital firm, has invested.
The fund is looking to get into a 100-acre residential township in the coming days, besides a host of projects across metros.
Source: Economic Times