Baring India may invest Rs350-cr in Bangalore realty co
24 Jan 2011
Bangalore: Baring Private Equity Partners India Ltd (BPEP) is likely to invest about $75 million, or approximately Rs350 crore, in Bangalore-based Century Real Estate. It may also line up international investors for partial investment in Century.
Reports suggest that Baring's own commitment to the deal may be around $53 million, while overseas investors backing the fund may provide the balance $22 million.
Industry sources say that Baring has initiated the diligence process, which is being carried out by E&Y and KPMG.
Century Real Estate managing director, Ravindra Pai, is yet to confirm the development.
Century is one of the largest land aggregators in south India with a land bank estimated at 3,000 acres. It may deploy the Baring investment as seed capital to develop multiple townships around Bangalore.
Century Real Estate is majority owned by real estate entrepreneur Dayanand Pai and his family which runs the Manipal Education and Medical Group (MEMG).
