Hindujas line up $1 bn realty fund
The Hinduja group, which holds significant land parcels in southern India, is foraying into realty with the launch of two dedicated real estate funds. The first, a dollar fund, will be of $1-billion with large investments from West Asia, the US and the UK. The second fund is a smaller domestic fund of $300-400 million. The Hindujas themselves were expected to pick up 10 per cent in both funds as well as provide the land for the projects, group sources said.
Both funds are expected to debut in the calendar year. The funds will be put together by the group's Geneva-based bank, Amas Bank, for investment in properties being developed by the realty arm of group company Ashok Leyland Properties. Ashok Leyland Properties is planning to develop a mini township in Bangalore near the proposed second airport at Yelahanka, which will include commercial information technology and high-end residential spaces on a 210-acre plot. It is also working on an exclusive 40-acre high-end residential property in Bangalore. In Hyderabad, the company is looking at a knowledge park to house research and development centres for IT, biotech and nanotech companies.
Another group company, Gulf Oil, holds 3,500 acres of land parcels scattered across southern India. They are in Chennai, Bangalore, Hyderabad and Visakhapatnam, where the initial projects are likely to be located. The funds also are expected to invest in enhancing the group's land banks.
In addition, the group is planning an SEZ in Visakhapatnam where it holds 1,100 acres of land as well as looking at reviving its plans for a 1,040-Mw thermal power plant. (Rediff)
By INRnews Correspondent
Another group company, Gulf Oil, holds 3,500 acres of land parcels scattered across southern India. They are in Chennai, Bangalore, Hyderabad and Visakhapatnam, where the initial projects are likely to be located. The funds also are expected to invest in enhancing the group's land banks.
In addition, the group is planning an SEZ in Visakhapatnam where it holds 1,100 acres of land as well as looking at reviving its plans for a 1,040-Mw thermal power plant. (Rediff)
By INRnews Correspondent
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