TPG may back Shriram Properties
US buyout firm TPG Capital may be backing Bangalore-based real estate developer Shriram Properties in their acquisition of property assets, according to local media reports.
The US firm was said to have considered investing around $100 million in the local developer, which is aiming to go public in the near future. In 2008, TPG invested Rs 530 crore (116.5 million) to take a 49% stake in the developer’s group company Shriram Retail Holdings, the holding company of Shriram City Union Finance with, an open offer for further 20% stake. Shriram Properties MD M Murali said, the company was seeking portfolio acquisitions, and was in discussions with several private equity funds. TPG declined to comment.
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