3i to invest $40mln in Indian real estate market

By Staff
|
Google Oneindia News

New Delhi, Aug 2 (UNI) Europe-based private equity and venture capital company 3i will be investing 40 million dollar in the Indian real estate market through a real estate venture capital fund promoted by Piramal Enterprises.

''This will be a symbiotic relationship where the offshore funds, Indiareit will benefit from 3i's proprietary systems and procedures and its vast international exposure in the venture capital business.

3i will be able to understand and appreciate the Indian realty market through the strong Indiareit management,'' Piramal Enterprises Chairman Ajay Piramal said.

3i's Head of Group Markets Chris Rowlands said the Indian real estate market is still young but very promising and Indiareit presents an attractive means for 3i to work with an experienced and reputable partner and gain access to the market at this early stage.

With a proposed corpus of 160 million dollar, the offshore gund would invest in projects governed by the Foreign Direct Investment guidelines for real estate in India.

UNI DKS CS PC1645

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