Wachovia to Join Hands with Vatika Group

October 1, 2007	(Be the first to rate this story!)  Loading ...
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Private equity player Wachovia Corporation is in talks with Gurgaon based Vatika Group for a project involving an investment of Rs 500 crore. The amount will be invested into a project floated by Vatika Group and not in the holding company.

Vatika is also in talks with Goldman Sachs, the world’s largest global investment banks for raising capital for a separate project. The group is divesting 50% equity in one of its projects for Rs 100 crore.

The senior officials of both the companies have declined to comment on the investment prospects. Both deals are at an advanced stage and may see closure soon.

The Vatika Group holds a vast experience in construction business, hospitality, and facilities management and has a portfolio of resorts, restaurants, hotels, farmland, and shopping malls. The group is taking up the projects worth Rs 3,200 crore, across real estate and hospitality sector.

Wachovia Group, the US based bank holding company, has invested Rs 234 crore in Gurgaon based real estate company Vipul Estates. The fund has also picked equity in Bilhwara Energy Ltd (BEL), a part of the LNJ Bhilwara Group.

Goldman Sachs, a leading investor in the world, has been taking up the initiatives to increase the quality of it’s investment portfolio. The fund is looking forward to better investment prospects in India, specifically in the realty sector.

News Published Under:   Banking and Finance |

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