INDIA BUSINESS WORLD - DECEMBER 16^th - DECEMBER 31^st - 2007

INDIAREIT PICKS UP 75% IN PROJECT WITH AMSRI GROUP

Real estate-focused venture capital fund, Indiareit Fund Advisors has picked up a 75% stake in a SPV together with Hyderabad-based Amsri Group to develop a mixed-use realty project at Bachpally, about nine kilometres from the existing airport. "We have signed the deal recently. We will have the majority 75-per cent stake in the SPV, while the remaining will be with the Amsri Group," Ajay Piramal-spearheaded Indiareit Fund Advisors managing director and CEO Ramesh Jogani told PTI here. Indiareit will put in over Rs 70 crore in the project, which will be built on an area of 9.5 acres.