Mumbai: Real estate developer Puravankara Projects Ltd is in talks with private equity firms to sell stake in some of its upcoming projects, a top official of the firm said on Monday.
A leading financial daily had earlier in the day reported that the Bangalore-based firm will raise up to Rs20 billion through stake sale in five real estate projects.
“Until the deal is closed we cannot specifically comment. But private equity route is definitly a source we are looking at actively,” Ravi Ramu, director and chief financial officer, told Reuters in an interview.
The company is now foraying into eastern India with a Rs4 billion joint-venture project in Kolkata and also neighbouring Sri Lanka, with investment of about Rs1.8 billion for luxury villas project near Colombo, he said.