3i to invest USD 40 million in INDIAREIT Fund

Mumbai, Aug 02 (UNI) European private equity and venture capital company, 3i, today said it is investing USD 40 million in an Indian real estate fund promoted by industrialist Ajay Piramal.

The offshore fund of INDIAREIT follows in the heels of its recently launched domestic venture capital fund and it has a proposed corpus of USD 160 million (Rs.350 crore), according to joint press release issued here.

UNI SN WD AW1652