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ICICI Venture to raise Rs 1000 crore fund

BS Reporter  |  Hyderabad 

Limited, which has $2-billion including $550 million (approximately Rs 2,475 crore) in real estate, will be raising a Rs 1,000-crore private equity fund to invest in residential projects.

“Fund-raising for the non-FDI-compliant fund will start shortly and will take at least 12 months to crystalise. We are currently building a pipeline of projects, each in the range of Rs 70 crore to Rs 80 crore,” Sanjeev Dasgupta, president (real estate) of ICICI Venture, said here on Tuesday.

Dasgupta said the company’s contribution to New York-based real estate developer Tishman Speyer's Tellapur project would be Rs 200 crore. Tishman is planning to develop a 100-acre IT and integrated township project at Tellapur on the outskirts of Hyderabad. ICICI and Tishman hold 37 per cent each in the project while the remaining is held by

 “Along with Tishman Speyer, we are currently developing a residential project in Chennai at an investment of Rs 250 crore. We are still evaluating the debt that needs to be raised. The project, spread over 113 acre, is expected to be completed in the next five years,” he added.

 
ICICI Venture is also a joint venture partner in Tishman Speyer’s Waverock project, an IT office facility in Hyderabad.

First Published: Tue, June 01 2010. 15:44 IST
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