Clear Water Capital buys 49% in BSEL arm

PRIVATE EQUITY WATCH

New York-based private equity firm Clear Water Capital Partners has acquired 49 per cent stake in a special purpose vehicle firm formed by BSEL Infrastructure in equal joint venture with Unity Realty and Kamat Hotels for an undisclosed amount.

The SPV is an equal JV, wherein BSEL Infrastructure, Unity Realty and Developers and Kamat Hotels hold 33.33 per cent each.

Pursuant to this acquisition the present stakes of all the three partners in the said SPV has been diluted from 33.33 per cent to 17 per cent each, BSEL Infrastructure informed the BSE.

The company further said BSEL Infrastructure along with Unity Realty and Developers in JV has been awarded a project for constructing a 400 room hotel. Kamat Hotels (India) have been inducted in equal JV for operating the hotels, BSEL Infrastructure added.

The projects is scheduled to be completed before the beginning of the third Commonwealth Youth Games 2008, at Sbiv Chhatrapati Sports Complex, Pune. Shares of BSEL Infra closed at Rs 66.30 today, registering a rise of 3.67 per cent over the previous day's close on the BSE.