HDFC India Real Estate Fund has acquired 10% stake in Pune realty company Paranjape Schemes for Rs 75 crore. Also, GE Capital has signed a contract worth Rs 250 crore with the company for construction of a mega Township in Pune.
The capital will be used for development of upcoming projects of the company. The investments made by GE Capital are believed to be specifically for project in Pune, as told by Shrikant Paranjape, one of the promoters of Paranjape.
The company has gained good rapport as a construction company in Pune and is also considering raising IPO in the future. Paranjape Schemes has completed over 100 real estate projects since its establishment. It also has its international branch in Singapore.
HDFC India Real Estate Fund (HI-REF), the first scheme HDFC Property Fund, was formed to make investments in three broad categories of companies-projects: under planning, under-development stage and completed ones. These real estate projects can belong to any segment of the real estate.
The fund was launched in 2005 and has a corpus of Rs; 1,000 crore. The fund has bought stake in another Pune based builder Vascon Engineers. The fund is managed by HDFC Venture Capital, in which SBI has a 19.5% shareholding apart from HDFC.
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