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ICICI Venture, Tishman JV to invest $1 bn in realty

Press Trust of India  |  New Delhi 

TSI Ventures (India), a real estate JV between US-based Tishman Speyer and ICICI Venture, is planning to invest over $1 billion (about Rs 4,600 crore) in next 8-10 years to develop commercial and residential properties in the country.

The company is currently in talks to acquire land in seven prime cities - Delhi, Mumbai, Pune, Chennai, Kolkata, Hyderabad and Bangalore for its planned projects in India, Prakash Gurbaxani CEO of TSI Ventures, said.

"We will look at doing one or two projects in each of the seven cities that we are focusing on in next 8-10 years. The investment will be in excess of $1 billion," Gurbaxani said.

TSI has already announced it's first project to develop 1.5 million square feet of office space near Hyderabad at a cost of $100 million (approx Rs 460 crore).

"In one-or two years we will start freezing all the projects and then will start constructing," he said.

On the source of funding, Gurbaxani said it would be done through equity and debt, to be equally contributed by both the joint venture partners.

The Hyderabad project marks the first Asian investment for Tishman Speyer, the New York-based developer and owner of signature properties that is already active in North America, South America and Europe.

TSI Venture would build one or two signature-quality towers on 12 acres of land that it acquired in Nanakramguda SEZ in Hyderabad.

First Published: Wed, September 27 2006. 17:39 IST