Warburg Pincus forms JV with portfolio company
New Delhi based hospitality firm, Lemon Tree Hotels, has formed INR1,400 crore ($315.4 million) joint venture, Oceanus Real Estate Pvt Ltd , with Warburg Pincus that will focus on housing project in India. Lemon Tree will own 51% of the JV with the private equity firm holding the remaining 49%.
The two companies' relationship started in 2006, when Warburg Pincus made an investment in Lemon Tree Hotels and currently own 25.8% stake. Lemon currently owns and operates 14 mid-scale Lemon Tree hotels...
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