IL

New Delhi, May 2 (UNI) IL&FS Investment Managers Limited (IIML) today announced the closure of its India Realty Fund with international investors for a total of 502 mn dollars as against the original target of 300 mn dollars.

With this, IIML would have about 900 mn dollars under it's management. The international contributors to the fund include global and domestic investors like pension funds, endowments, financial institutions and insurance companies.

The Indian real estate market is poised to become one of the fastest growing property markets in the world. A unique window of opportunity exists for development of real estate projects across large metropolitan cities as well as Tier 2 and Tier 3 cities. The fund would accordingly identify investments across projects in Integrated Townships, Commercial Complexes, Residential Developments, Infrastructure Linked Real Estate Developments and Special Economic Zones according to a statement released here.

IIML said that the money being made available by both Indian as well as international Investors for real estate would go a long way in helping cater to the middle income housing demand as well as urban infrastructure developments. According to Vice Chairman&Managing Director of IIML Shahzaad Dalal, the opening up of the real estate sector provides enormous positive growth implications for the Indian economy.

''Besides the above, IIML has focused on investments across sectors such as infrastructure, manufacturing, IT, Life Sciences, Consumer Services and Media. It has over the years, invested in over 60 companies and achieved liquidity events for 50 per cent of them,'' the statement added.

''Shortly, IIML would be achieving a close for its India Project Development Fund II an incubation Fund for infrastructure projects in India, as well as the Pan Asian Project Development Fund, which would invest in India, and other South Asian countries. These Funds with a combined corpus of 125 mn dollars would work towards undertaking comprehensive project development of infrastructure initiatives,'' the statement pointed out.

UNI ARB MP PM1920