Prateek Group raises Rs 100 crore from Xander

Developer to use the funds to construct its 40-acre township 'Grand City' at Ghaziabad

Real estate developer Prateek Group has raised Rs 100 crore from global investment firm Xander Group and is looking for more funds to construct its township project in Ghaziabad.

Besides, the Noida-based company had recently entered the entertainment sector with an investment of about Rs 100 crore.

Prateek Group had in August 2014 announced the development of its 40-acre township 'Grand City' at Ghaziabad. It plans to develop about 7,000 housing units in this project and out of this, 3,000 units have been already launched.

"We have raised Rs 100 crore from the Xander Group in the form of debt. The fund came a week ago," Prateek Group Chairman Prashant Tiwari said.

The amount would be utilised on construction of this project, he said, adding that the company would raise more funds for this project in March next year.

This is the second time that Prateek Group is raising funds from Xander Group. Four years ago, the company had raised Rs 80 crore, Tiwari said.

Xander Group is an institutional investment firm focused on long-term value investing. It invests primarily in companies which operate in the infrastructure, hospitality, entertainment, retail and real estate sectors, and currently manages equity capital in excess of $2 billion.

On foray into the entertainment sector, Tiwari said the company has acquired distribution rights for the film 'Dilwale' for the territory of Delhi, Uttar Pradesh and East Punjab.

It also has exclusive all India release rights of two films — Akshay Kumar-starrer 'Airlift' and 'Sanam Re'. These two movies would release in January-February.

Prateek Group is developing various projects in Noida, Greater Noida and Ghaziabad.