Pragnya, an India-focused private equity firm, is planning to raise $150 million to invest in Indian and Sri Lankan realty projects. It has already invested $40 million in realty projects in India and Sri Lanka.
“We will be investing an additional $110 million in Indian realty projects in this calendar year,” said Mr Subba R Dukkipati, managing partner of Pragnya. This will take the company’s total investment to $150 million by this year.
He said the company had already invested in L&T Tech Park coming up in Kochi, Kerala. The first phase of the Rs 1,200 crore-project will be inaugurated soon, he added.
Pragnya is also participating in a recently announced project announced by L&T South City Projects Ltd (L&T SCPL) in Chennai. The company will have 24.5 per cent stake in the project. The project is spread over 100 acres and will be developed in four phases. It will be completed over the next five years.
Mr Dukkipati said the company would be investing quality realty projects in South India cities and Sri Lanka. With the proposed $150 million second round of funding, the company’s total fund size will go to $300 million. Interest in Indian real estate sector is at an all time high because of the booming market.
Source: Asian Age