Maytas to acquire funds through realty ventures

By siliconindia   |   Wednesday, 31 December 2008, 06:43 Hrs
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Bangalore: Maytas Properties, a firm owned by Satyam Computer Services Chairman S Ramalinga Raju's son, is looking at raising funds through several of its real estate related ventures after its potential $1.3 billion sale to Satyam was called off following investor retreat.

Maytas' is expecting to bring in equity partners in some of its ambitious projects or even sell some of its assets spread across most southern states. The firm has approached consulting firms and bankers to chart out a $500 million (about Rs 2,350 crore) fund raising plan through divestments in key identified assets.

Some of the assets that the property firm is expected to gamble in are the group's three SEZs, a warehousing project, property developments in various cities and outright sale of land parcels in and around Hyderabad, reported The Economic Times.

Kotak Realty, a real estate fund promoted by Kotak Mahindra group is in talks with Maytas to pick up equity in Maytas' warehousing project. Funds from some of these equity dilutions is expected to meet the promoters equity contribution in the Rs 12,000 crore Hyderabad Metro Rail project that has been undertaken by group firm Maytas Infra, sources said.

Maytas' three SEZs are located near Hyderabad. The firm has put on block over 60 acres of land situated opposite the Satyam Technology Centre in the northern outskirts of Hyderabad. With prevailing land valuations in the region, the total value of this deal could reach Rs 250 crore. Maytas has about 350 acres of land in Nagpur, Maharashtra, as part of its land bank and another 25 upcoming projects in Andhra Pradesh and Tamil Nadu.

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