Bangalore: Tata Housing Development Co. Ltd has raised around Rs 62 crore from US-based Portman Holdings for a 26% stake in a luxury housing project in Bangalore, the first time it is entering into such a deal with a private equity firm.
The project, called Promont, is valued at about Rs 240 crore, Tata Housing said in a statement on Thursday.
Yes Bank was the financial adviser in the transaction.
Brotin Banerjee, managing director and chief executive, Tata Housing, said the money will be largely put into new projects. “Last 2-3 years, we weren’t keen in raising private equity money, but Portman is a good partner and this is a good deal for us,” Banerjee said.
The Promont project will be developed in two phases, with apartments in the first and villas in the next. Two of the four towers in phase 1 of the project are under construction.
The apartments are priced at Rs 1.5-2.5 crore and the villas at around Rs 5 crore, the company said. It has sold about 100 units in the 1.2 million sq.ft. project in the past five-six months.
Ambrish Baisiwala, chief executive, Portman Holdings, said Promont is a successful project and his firm is looking to working with Tata Housing on future opportunities in India as well.