Xander invests Rs 370 crore in Kapstone Constructions

Realty player Rustomjee today said it has raised Rs 370 crore from global private equity lender Xander Group and the funds will be utilised to reduce its debt as well as to fuel its growth plans.
Xander has invested Rs 370 crore in Rustomjee's subsidiary firm Kapstone Constructions, which is currently developing Rustomjee Urbania, a self-sufficient township in Thane, spread across 127 acre, a statement issued here stated.
"This is the fifth private equity investment in our company. Xander's extensive industry knowledge and global experience will add significant value to our company. We have provided successful exits to all our previous investors," Rustomjee Chairman Boman Irani said.

The company has already delivered nearly 8.4 million sqft of residential and commercial space in Mumbai.
Commenting on the partnership, Xander Investment Management Partner Rohan Sikri said, "Rustomjee is well positioned to capitalise on their development expertise across townships, premium residential projects and redevelopment schemes in Mumbai and we are pleased to partner with them."
Sikri further said this investment represents its continuing investment interest in the Indian real estate market for well-positioned projects with quality partners.