IL&FS Milestone invests $122 million in Indian construction company
India’s IL&FS Milestone Fund is poised to take a 74% stake in the Hindustan Construction Co. following an INR5.75 billion ($122.3 million) investment.
According to local reports, the private equity firm may have bid against Blackstone Real Estate Group, a subsidiary of the US-based Blackstone Group, and a Morgan Stanley unit for the unlisted company, which has constructed an office complex outside Mumbai. Money Matters Financial Services acted as the advisor to the transaction, reports add.
Last month, IL&FS Milestone, a JV between IL&FS Investment Managers and Milestone Capital Advisors, planned for growth by announcing its intention to raise $300-350 million for a new growth equity fund, to commence raising at end 2010. The mid-market fund is slated to invest across sectors, and looks to raise capital from both domestic and international LPs.
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