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ICICI Plans $2 Billion for Biggest Indian Real Estate Fund
| October 17, 2007 |  (Be the first to rate this story!) Loading ... |
ICICI Venture Funds Management Co Ltd, India’s largest venture capital company, is planning to invest a whopping $2 billion for the country’s biggest realty fund, thereby tapping the potential of a burgeoning market.
The fund will raise the money in India and abroad. The venture will invest in real estate projects, both commercial and residential, and buy land in 12 largest Indian cities.
Indian property market has been making rapid strides and is set to grow to $90 billion by 2015 from $12 billion in 2005. India’s $906 billion economy is likely to grow more than 8.5 percent in the year to March 31, says the data showcased by Moody’s Investors Service in June.
ICICI Venture was established in the year 1987 and has a venture with New York based Tishman Speyer Properties LP.
ICICI Venture is moving close on heels of HDFC, which raised $800 million in August. Another inspiration for ICICI venture seems to be Sun-Apollo India Real Estate Fund LLC which has got $630 million earlier in 2007.
News Published Under: Banking and Finance |
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