IDEB gets 32 M dollars from Samsara Capital

Bangalore, Feb 15: Closing a second deal in less than four months Samsara Capital an India oriented private equity fund, has ploughed in 32 Million dollars in the Bangalore based IDEB projects, a leading player in real estate, engineering construction and infrastructure.

Announcing this at a press conference here, IDEB Group Managing Director H S Bedi said that the FDI investment into the company would facilitate it scaling up business rapidly. The company was targetting a consolidated revenue of Rs.1500 crore in 2007-08 with the current fiscal revenue expected to be around Rs.550 crore.

Mr Sachin Shah, who founded Samsara Capital, said the Company had made a 22 million US Dollar investment in real estate in Mumbai and had another 60 million dollars ready for deployment.

Replying to a question he said that there was a huge fund overseas waiting for investment in real estate and infrastructure funds in India. The size could vary between 10 billion to 15 billion dollars. Once certain irritants in the infrastructure investment was removed the flow would be much more, he added.

Mr Singh said that the Company was looking for an Initial Public Offer in 2008-09.

He said currently the company had an order book in excess of Rs.1100 crore, developing over eight million sq ft of tech parks, residential projects and shopping malls in Bangalore, Chandigarh, Goa, Jaipur, Mysore, Pune and the state of Uttrakhand.

Mr Singh said the company had taken up infrastructure projects like roads including an elevated viaduct of 4.5 km for the Delhi Metro and five elevated stations for second phase of the Delhi Mass Rapid Transport System in joint venture with Shanghai Urban Construction Group. It had also taken up development of an IT Park in Dehradun with the Uttarkhand government being the joint venture partner.

UNI