Indiareit, a real estate fund promoted by Ajay Pirmal has acquired about 15% stake in Mumbai-based developer Neptune Group for around Rs 3 billion, reports Economic Times. The fund has invested in the company instead of investing in individual projects which is the normal business practice.
Neptune Group has presence in multiple areas of realty business and its association with companies of global repute – Foster+Partners are project architects for Neptune`s corporate park at Kurla – might have prompted Indiareit to go for an equity deal with it.
In the past few years, Neptune has grown into a pan-India player with projects in Pune,
Indiareit which was set up in March 2006 has come out with a USD 200-million offshore fund, wherein private equity major 3i had invested USD 40 million.
Source: My Iris