ICICI Pru to invest Rs 75 cr in Mumbai realty project

ICICI Prudential Portfolio Managers is close to investing Rs 75 crore in the upcoming commercial project of the Kanakiya group in Mumbai, said an executive involved in the deal. The executive did not disclose the stake to be acquired by ICICI Prudential.

The person said Kanakiya acquired the development rights of the land from the Delhi-based Parsvnath Developers recently. When contacted, Rashesh Kanakiya, chairman and managing director, Kanakia Spaces, said: “The deal is on the way. We have to finalise it.’’

Though Kanakiya did not disclose how much he paid for the plot, earlier reports said it could be around Rs 300 crore. Parsvnath had bagged the development rights for the plot in 2007 from The Brihanmumbai Electric Supply & Transport Undertaking (Best) to build a bus depot, staff housing and buildings for commercial use.

However, Parsvnath decided to sell the rights as part of its asset monetisation and debt reduction plans.

Earlier, ICICI Prudential picked up 40 per cent in a residential project of the Ansal API group in Ghaziabad for over Rs 100 crore.