Infinite India to pump Rs200 cr in realty firm

Infinite India to pump Rs200 cr in realty firm
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First Published: Sat, Oct 06 2007. 12 01 AM IST
Updated: Sat, Oct 06 2007. 12 01 AM IST
The realty-oriented private equity firm, Infinite India Investment Management, backed by JM Financial Ltd, is investing Rs200 crore (about $50 million) in realty firms belonging to the Kolkata-based Shrachi Group. The funds would be allocated for projects proposed in the eastern cities of the country.
For Infinite India, which has drawn up plans to invest $400 million in the country’s realty business over the next two years, this is its largest single investment commitment to date. It will be picking up an undisclosed minority stake in both Shrachi’s wholly-owned subsidiaries Shrachi Developers Pvt. Ltd and Shrachi Realty Pvt. Ltd.
Shrachi itself has drawn up plans for investing about Rs500 crore over the next couple of years. The funding will help Shrachi accelerate expansion plans, said Rahul Todi, managing director, Shrachi Developers. Infinite India has committed about $200 million in investments for projects across the country, said Karthik Sarma, chairman of Infinite India. The proposed projects include a 32-acre mixed-use development in Mumbai, 1.8 million sq. ft IT park in Chennai, and entry-level investments in realty and hospitality players in Bangalore, Kolkata and New Delhi.
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First Published: Sat, Oct 06 2007. 12 01 AM IST