Kotak invests in real estate firms Emaar MGF and Century Real Estate
Kotak Mahindra Bank is set to inject INR250 crore ($54.7 million) into Delhi-based Emaar MGF Land Ltd. and an additional INR200 crore ($43 million) into Century Real Estate Holdings.
According to local reports, Emaar is set to receive its investment from the Kotak Realty Fund, which will also be Emaar's first fundraise through a PE fund. Meanwhile, Kotak is to make its investment into Century Real Estate via a transfer of non-convertible debentures (NCDs), and is to make those debentures available to high net worth individual (HNI) clients, who are largely looking to strengthen their links to India's PE industry.
The news comes a month after Kotak India Private Equity Fund took a minority stake in non-bank financial company Muthoot for INR43 crore ($9.2 million). That investment came after Muthoot received INR157 crore ($33.6 million) from Baring Private Equity Partners India and Matrix Partners India.
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