Saturday, March 29, 2008

Deutsche Bank picks up 40% stake in Ramprastha Promoters and Developers, a group company owned by Delhi-based Ramprastha Group for $80 million

Ramprastha Promoters and Developers has been primarily engaged in developing housing projects in the national capital region(NCR).

Last year, the group had received foreign funding from South Asian Real Estate (SARE), a private equity fund based out of the Isle of Man.

The Ramprastha Group has also entered into an equal joint venture with Gurgaon-based engineering company, Punj Lloyd.

In the largest private equity deal in real estate sector, Deutsche Bank had picked up around 25% stake in a special purpose vehicle (SPV) owned by Mumbai-based developer Lodha Group for Rs 1,700 crore, last year.

Despite global recessionary trends, the Indian real estate sector seems to be attracting investments from private equity. Currently, several big players like DLF, Unitech and Omaxe are also looking at raising money through PE route.
-The Economic Times

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