Actis invests $28 Mn in Bangalore's Vaishnavi Group

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Vaishnavi Group, a Bangalore based company involved in residential and commercial projects, has secured $28 million fund from Actis, a UK headquartered private equity fund. This will be Actis's first investment in a real estate development company.

Founded in 1998, the group's flagship company Vaishnavi Infrastructure is currently developing a three million square feet area that includes apartments, luxury villas, residential layouts, retail and commercial properties. Apart from Bangalore, the company is also set to extend its footprint to Mysore. The group has both an in-house construction and development businesses.

Generally PE funds are not known to invest in real estate development companies, while they have exposure to construction or infrastructure companies. From that context, this is a unique deal for Actis, which has been investing in India for the past decade, and has also pioneered buyouts. Its portfolio companies include Paras Pharma, Daksh, Dalmia Cement, Glenmark Pharmaceuticals, Jyothi Laboratories, National Stock Exchange of India, Paras (an FMCG company), and Phoenix Lamps, among others.

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