Inno Group refocuses Indian investments into in-house projects
Real estate and infrastructure-focused private equity firm Inno Group has shifted its investment strategy in India away from third-party investment in favor of its own development projects in the market in an effort to corral its risks.
According to local reports citing Inno Group's MD Rajamannar Ramaswamy, the firm, which focuses its investments in India, the Middle East and Europe, will pioritize in-house projects to better manage its real estate business. "Even though we hold a majority stake in every investment, there is not much control that you have over the developer," he told media.
Inno Group, which reportedly has $150 million under its belt to invest, has already infused $50 million into Indian projects. Among these was the Promenade in Chennai, which was pre-sold to French hotels group Accor, and housing developments the Bascon Township and the Mayflower Inno project. Each were created by third-party developers between 2006 and 2008, with Inno's investments coming from its Innovative India Realty Opportunity Funds I and II. Its third fund, raised at the end of 2008, was created for in-house project investment.
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