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Assotech to Raise 
75 Crore; Sells 49 Percent Stake
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New Delhi: Real estate developer Assotech said it will raise 
75 crore from private equity firm Sun-Apollo India Real Estate Fund by selling 49 per cent stake in a housing project in Gurgaon.
"We will divest 49 percent stake in a project to Sun-Apollo to raise 75 crore. This investment is only for a specific group housing project in Gurgaon," Assotech MD Sanjeev Srivastava.
The National Capital Region-based company is developing the project -- Assotech Blith -- in a 12-acre land, he added.
"We have acquired the land for 152 crore, out of which 75 crore will be coming from Sun-Apollo for the acquired stake," Srivastava said.
He said the total estimated project cost of 'Assotech Blith' is around 500 crore. The money coming from Sun-Apollo will be a foreign direct investment to the project. "This FDI for our project in NCR will allow us to enter highly respected and profitable real estate market in Haryana," Srivastava said.
Assotech is currently executing projects worth 3,300 crore in the NCR, Uttar Pradesh, Uttarakhand, Odisha, Bihar, Jharkhand and Madhya Pradesh.
Sun-Apollo is a $ 630 million real estate PE fund, which is dedicated to India. The investors of the fund include the U.S, European and Middle Eastern institutional investors, multilateral agencies and high net worth individuals.
75 crore from private equity firm Sun-Apollo India Real Estate Fund by selling 49 per cent stake in a housing project in Gurgaon.
"We will divest 49 percent stake in a project to Sun-Apollo to raise 75 crore. This investment is only for a specific group housing project in Gurgaon," Assotech MD Sanjeev Srivastava.
The National Capital Region-based company is developing the project -- Assotech Blith -- in a 12-acre land, he added.
"We have acquired the land for 152 crore, out of which 75 crore will be coming from Sun-Apollo for the acquired stake," Srivastava said.
He said the total estimated project cost of 'Assotech Blith' is around 500 crore. The money coming from Sun-Apollo will be a foreign direct investment to the project. "This FDI for our project in NCR will allow us to enter highly respected and profitable real estate market in Haryana," Srivastava said.
Assotech is currently executing projects worth 3,300 crore in the NCR, Uttar Pradesh, Uttarakhand, Odisha, Bihar, Jharkhand and Madhya Pradesh.
Sun-Apollo is a $ 630 million real estate PE fund, which is dedicated to India. The investors of the fund include the U.S, European and Middle Eastern institutional investors, multilateral agencies and high net worth individuals.
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