Salarpuria, Apollo enter into real estate JV

Salarpuria Sattva Group and Apollo Asia RE Singapore Pte Ltd ("Apollo Asia Fund") have entered into a joint venture to acquire 100 per cent stake from a group of offshore investors in two real estate projects here and at Vadodara.
The deal value is Rs 275 crore (USD 42 million), Salarpuria said in a statement.
It said Apollo Asia Fund's investment was made under the foreign direct investment guidelines.
"We plan to develop these projects aslandmark residential developments in Bengaluru and Vadodara andlook forward to partnering with Apollo Asia Fund in more JointVentures in the future," Salarpuria Sattva Group MD BijayAgarwal said.

City-headquartered Salarpuria Sattva Group was foundedin 1986 and has presence in different cities across thecountry.
With 18 million sq.Ft of spaces completed, 17 millionsq. under construction and 30 million more in stages ofdevelopment and planning, the group plans to venture into more cities in the near future.