Salarpuria, Apollo set up JV for acquiring projects in Bengaluru, Vadodara

Bengaluru-based real estate firm Salarpuria Sattva Group and Apollo Asia RE Singapore Pte Ltd ("Apollo Asia Fund") have set up a joint venture to acquire 100% stake from a group of offshore investors in two real estate projects at Bengaluru and Vadodra.

The deal value is Rs 275 crore (approximately $42 million). Apollo Asia Fund's investment was made under the foreign direct investment guidelines, both firms said in a joint statement.

"We plan to develop these projects as landmark residential developments in Bangalore and Vadodra and look forward to partnering with Apollo Asia Fund in more Joint Ventures in the future," Bijay Agarwal, MD, Salarpuria Sattva Group said in a statement.

Salarpuria Sattva has a similar partnership with Blackstone to develop a seven million square feet IT park in Hyderabad.

"We are happy to partner with the Salarpuria Sattva Group for these projects. Given the group's reputation and proven track record in real estate we believe they are very well positioned to add value to these projects," Nipun Sahni, Partner at AGM India Advisors said.