Ajay Piramal promoted Indiareit invests $60 Million in Neptune

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Bangalore: Ajay Piramal promoted Indiareit Fund Advisors has invested $60 million (300 crore) in Mumbai-based developer Neptune Group. Through the investment, Indiareit acquires 15 percent stake in Neptune.

Mumbai-based Indiareit has raised two domestic funds of $86 million and $110 million in 2006 and 2007 respectively. The first offshore fund of $200 million was raised in 2006, in which UK private equity major 3i Group invested $40 million. Prior to Neptune, the company has invested $45 million in Bangalore-based Skyline Constructions and Housing in 2007. It has also invested in a mixed use project in Hyderabad and a township-cum-SEZ in Pune.

Neptune develops residential projects, IT parks, shopping malls and corporate business parks. It is currently developing projects in Pune, Hyderabad, Chennai, Vishakhapatnam, Kochi and Nagpur. It has also partnered with Foster+Partners, an architecture firm based in London, for corporate park it is developing in Kurla.

The current investment is a second big ticket investment in a real estate firm by private equity funds in last few months. In August this year Hyderabad-based infrastructure and realty company Indu Projects raised $113 million for a 14 percent stake from Credit Suisse.

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