| Infinite India Real Estate Fund Invests $13M In Pune Project
JM Financial group promoted Infinite India Investment Management has invested $13 million through its realty fund Infinite India Real Estate Fund in Pune-based developer Kumar Urban Development Ltd's (KUL)residential project, said sources near to the development. It then came up with the plan to increase private equity funding for its projects and last year managed to raise near to $65 million for some of the projects. Half of the amount was to be used to repay high cost debt taken from Standard Chartered and ICICI Bank among others at an average debt cost of 15 per cent. Infinite India Investment Management declined to comment on the transaction. Infinite India Investment Management had first launched the realty fund as an equal equity joint venture with SRS Fund and it had plans to invest $400million. At present KUL has 12 ongoing residential projects in Pune, five in Mumbai and one in Panchgani, all in Maharashtra . Some of its previous deals include $6 million investment in a residential development project of Windshield Developers in Pune besides its agreement with PVR for buying out the multiplex chain's property located in Phoenix Mills in Lower Parel, Mumbai for Rs 100 crore in May 2011. Infinite India Real Estate Fund Invests $13M In Pune Project |
Tuesday, 1 May 2012
Infinite India Real Estate Fund Invests $13M In Pune Project
