Kumar Builders raises PE funding of $47 Million

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Mumbai: Kumar Builders, a real estate group in Pune, has received private equity investments worth Rs 239 crore ($47.8 million) for two of its projects. Out of the total investments, Rs 139 crore was from IL&FS and the Milestone Group for Kumar Cerebrum, a 10 lakh-square-foot IT park. IL&FS and the Milestone Group have invested in the second tower of Kumar Cerebrum.

Earlier, the developer received a private equity funding of Rs 100 crore from Gaurav Dalmia's Landmark Holdings for its 124 acre IT SEZ project in Hinjewadi. Landmark Holdings picked up 10 percent stake in the project for the investment.

The project coming up in Kalyani Nagar, in Pune, includes building three huge towers with a total space of 10 lakh quare foot. Pune based Zavaray Poonawalla invested in Tower 1 and Kumar Builders is looking at PE investment for the third tower as well. The third tower is the largest of the three buildings and is currently under completion. The second tower has been leased out to Reliance Communications, Vodafone Cellular, Finserv and Redknee India Technologies, a press release said.

The township project in Hinjewadi is a Rs 1,500-crore project, expected to be launched in April 2009. The development is equally divided into an IT/ hardware SEZ and a residential complex.

Source: VCCircle.com

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