HDFC Sponsored Funds invests $54 mn in Lodha Group

HDFC Sponsored Funds invests $54 mn in Lodha Group
PTI
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First Published: Tue, Apr 22 2008. 01 33 PM IST
Updated: Tue, Apr 22 2008. 01 33 PM IST
Hyderabad: Lodha Group, a real estate development company, on Tuesday said an HDFC sponsored fund will invest Rs 250 crore for a 45% stake in its luxury residential and commercial project in the city.
The Mumbai-based real estate firm said investment by HDFC Sponsored Funds will be the fourth investment in the group by a Private Equity Company making the investments by PE firms in excess of Rs 2,400 crore.
Lodha Group Director Abhinandan Lodha said, “We have been on an aggressive growth path and this partnership combines HDFCs vision with our expertise. This significant partnership will further strengthen our relationship with HDFC, who are India’s financial institution in real estate.
Lodha Group, late last year won an auction of 12.9 acres of prime land located at Eden Square, here from the Andhra Pradesh Housing Board for Rs 256 crore.
The Group has plans to develop a luxury township offering over 2.5 million sq ft of plush residential and commercial real estate.
In September 2007, Deutsche Bank Singapore invested USD 410 million in three FDI compliant projects of the Group making it the single largest FDI in the real estate sector in India, the release added.
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First Published: Tue, Apr 22 2008. 01 33 PM IST