Tata Realty to raise USD 750 mn

Mumbai Oct 30 (UNI) Tata Realty and Infrastructure, a wholly-owned subsidiary of Tata Sons, will raise USD 750 million (Rs 3,000 crore) to fund realty and infrastructure projects.

The fund, which is expected to attract investment from insurance companies, pension funds, government entities and endowment funds, is expected to close by the end of this month.

Dinesh Chandiok, managing director, Tata Realty and Infrastructure, said ''Tata Sons holds huge real estate properties from which we can unlock the intrinsic wealth by developing them.'' Among these projects are information technology parks. The company is already focusing on projects such as airports, roads, bridges and special economic zones.

A majority of the funds will be utilised for its realty ventures with the balance for infrastructure projects.

The company is aiming for a pan-India presence within the next few years. Nearly all major Tata companies, Tata Consultancy Services, Voltas, Tata Motors, Tata Tea and Rallis India have surplus land that can be developed.

The Tata Group has been involved in real estate through Tata Housing Development Corporation which has undertaken several residential projects in Mumbai, Pune, Goa and Bangalore.

UNI