The ASK group has roped in Sunil Rohokale, MD and CEO of ICICI Home Finance, to head its real estate business. The group is in the process of setting up a real estate private equity fund and real estate advisory services.
Mr Rohokale, who was part of the core team that started the mortgage business of ICICI Bank in 1999, is joining as executive director of ASK Investment Holdings which will roll out group’s foray into the real estate sector.
The group is planning to launch its first real estate funds within the next three months and is looking to mobilise funds from both domestic as well as overseas investors, said Asit Koticha, chairman, ASK group. In the initial stage, the plan is to set up a Rs 1,000-crore fund and the target is to have a $1-billion fund in 3-4 years, Mr Koticha added.
The fund will invest in real estate projects as well as jointly develop properties with real estate developers, he said. It may look at having a partner for raising funds from overseas markets like the US, middle-east and Europe. “We feel that this is the right time to raise funds to invest in real estate sector as you could get the right valuations, Mr Koticha said, adding that there is still strong investor interest in the sector.
After exiting from equity broking business last year by selling its broking arm to JM Financial, the group is now focusing on building its wealth management business.
It is now starting an assets management company and has appointed Sameer Kamdar as its CEO. Mr Kamdar comes to ASK from Mata Securities, where he was the country head for mutual funds distribution.
Source: Economic Times