India Infoline fund invests $20m in Gurgaon, Mumbai projects
India Infoline (IIFL) has invested INR1.1billion ($20 million) in two residential projects in Mumbai and Gurgaon, through its IIFL Domestic Series I fund.
According to Live Mint, the fund committed INR800 million to the Spire World project in Gurgaon, developed by Millennium Spire, and INR350 million to a project by Ruparel Realty in the Mumbai suburb of Chembur. Both projects are currently under construction.
These are the second and third deals from the INR7 billion fund, which invested in a central Mumbai slum redevelopment project of Sheth Creators earlier this year.
"Both the investments are in projects that are in the affordable price category and are fast-moving products," said IIFL chief executive Balaji Raghavan. The fund's strategy is to invest INR400-800 million in around 12 deals so the "risk is diversified," he added.
The Chembur project, Ruparel Orion, is a 200,000 square foot development with the apartments priced at around INR10,000 per sq ft. It is one of many central Mumbai projects that Ruparel Realty is currently developing. Amit Ruparel, the managing director of Ruparel Realty, said the company only recently started raising money from institutional investors.
"This money will be used in developing the project, which will be ready in three years time," said Ruparel.
The Gurgaon project is larger, the development is around 850,000 sq ft and the apartments priced from INR3-5 million.
IIFL is a retail and institutional brokerage that offers advisory and execution services to more than one million investors through a network of 3,000 business locations across India. In October last year, The Carlyle Group acquired a 9% stake in the listed unit of IIFL for $37.5 million on the open market.
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