US' WDC Ventures picks up 14.95% in Vipul for Rs 233.92cr

New Delhi, Apr 27 (UNI) US-based private financial institution WDC Ventures today picked up 14.95 per cent equity in real estate developer Vipul Ltd for Rs 233.92 crore.

Vipul Ltd, with major interests in building residential apartments, townships, malls and commercial structures will utilise the money to part-finance its upcoming 23 projects.

WDC Ventures, a subsidiary of Wachovia Corporation, provides a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services.

WDC Ventures is one of the leading player in real estate market in the US with combined assets of around 700 billion dollars.

''WDC Ventures has picked up this stake in Vipul looking at its ambitious expansion in the real estate sector,'' Vipul Managing Director Punit Beriwala said.

Wachodia Corp, Real Estate Capital Markets Director, Sandip Kundu said, ''The company is interested in taking up stake in like-minded companies and would further associate itself with established real estate players.'' He asserted that the story behind real estate in India is fundamentally strong and is expected to remain so in the coming years witnessing the unfulfilled demand.

''The company has made an investment through equity and has not been project-specific.'' Vipul expects to realise a turnover of Rs 6,000 crore in the next five years with its upcoming projects and envisages a growth rate of 28 per cent every year.

''Our first residential project 'Vipul World' in Gurgaon is expected to be complete within two years. We have undertaken 23 projects at an investment of Rs 4,500 crore, which are expected to churn a turnover of Rs 6,000 crore in the next five years,'' he told reporters here.

Vipul Ltd, a public limited company with a family holding of 75 per cent, expects revenues worth Rs 225 crore in its last quarter ending March 2007.

Vipul plans to come up with a number of residential, commercial and IT projects in NCR, Haryana, Punjab, Kolkata and Nagpur.

The company has a clientele of companies like Dell, GM, PepsiCo, Gillette, HP and others in its kitty.

With this deal, 14.95 per cent equity in the company will be held by WDC while rest by public.

UNI