Eldeco eyes $250 Mn via PE majors
Bangalore: In order to raise $200 to 250 million from a clutch of private equity investors, tier-II realty player Eldeco Group, based Delhi, is holding discussions with AIG and Merrill Lynch. As part of the plan, Eldeco has already raised part of the funds from Xander PE. Sources said group company Eldeco Infrastructure and Properties (EIPL) was looking at raising funds at the entity level and via four special purpose vehicle (SPV) for upcoming projects in Ludhiana and Jalandhar, in Punjab and in two cities in Maharashtra. But the company denied it was holding talks with the above mentioned PE firms, and that it has raised funds from Xander. "We look at raising funds from time to time, but there is no need for us to comment on it," said NK Ahuja, CFO, Eldeco. Even as some analysts predicted that PE cash flow into realty sector in some key markets could be tightening on account of over supply concerns as well as a slowdown in the off take, EIPL claims that it has developments worth over Rs 3,500 crore across segments.