| Fire Capital Fund Mauritius, a global venture capital fund, plans to invest up to $250 million to develop integrated townships in 10 cities. |
| By the year-end, the firm would also raise a $500 million fund to be dedicated to real estate and components of infrastructure, said Om Chaudhary, managing director, Fire Capital. |
| The fund made its first investment in Indore-based M Jhaveri Group in the 137-acre upcoming township Silver Springs being developed by it. This also marks the first foreign direct investment (FDI) in real estate in Madhya Pradesh. |
| “Silver Springs is our first deployment in India with a size of $5 million. We have also invested in the range of $10 million each for townships in Chennai and primarily tier II cities like Bangalore, Nagpur, Bhubaneshwar, Jaipur and Dehradun,” Chaudhary said. |
| The fund has a corpus of $120 million and with co-investors it can go up to $250 million. |
| It is expected to deploy the complete $250 million by December, when it starts raising a fund of about $500 million, Chaudhary said. |
Source : Business Standard