New Delhi: Property developer Rustomjee has raised 370 crore ($61.26 million) from the Xander Group, a global emerging markets investment firm, the companies said on Monday.

Xander Investment Management Pte. Ltd, the group’s private equity real estate arm, will invest in a unit of Rustomjee which is building a 127 acre township on the outskirts of Mumbai, the companies said in statement.

Mumbai-based Rustomjee, which has built nearly 8.4 million square feet of homes and commercial real estate in the city, will also use the funds to reduce debt.

Xander Group, backed by the Rothschild family, has committed more than $2 billion of capital to India since 2005 mainly in the real estate, retail, hospitality and infrastructure sectors.

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