IL&FS signs off five real estate part-exits in 4Q
IL&FS Investment Managers (IIML) completed partial exits from five of its investments in Indian real estate in the fourth quarter of 2011. It also invested INR7.7 billion ($154 million) in the three months to December 2011.
This capital was invested across deals in the growth capital, infrastructure and real estate segments.
"The tight liquidity situation has presented significant opportunities for investments and in this quarter. IIML has invested INR7.7 billion across all the three verticals. Investments of this vintage should help generate attractive returns in the future," IIML CEO Archana Hingorani told VCCircle. She added that the firm could also exit from several of its growth capital and infrastructure investments during the first half of 2012.
IIML's new portfolio companies include SRM Sites (a unit of Shree Ram Urban Infrastructure), in which it invested INR1 billion, and Indiabulls Infraestate, in which it injected INR2 billion. It also channeled INR2.3 billion for a stake in Indian power generation firm IL&FS Energy Development. This deal, which closed in October, involved investment from the Standard Chartered IL&FS Asia Infrastructure Growth Fund and IL&FS Infrastructure Equity Fund, while Amarchand & Mangaldas provided legal advice.
In September, meanwhile, IL&FS Investment Management announced that it is looking to raise up to $900 million across three funds. The fundraising process is expected to take longer than usual however because of tighter risk assessment among investors globally.
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