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« Starwood Capital plans to invest $500 million in India | Home | Bank fraud up 77%, increase in housing loan frauds: RBI »

Citigroup to buy stake in Ansal API

As the dispute over Citigroup taking stake in Ansal API (Ansal Properties and Infrastructure) is resolved, the deal is likely to be completed soon. Citigroup, in October 2005, in a deal to buy stake in Emaar-MGF — a 50:50 JV between Dubai-based Emaar and Delhi-based MGF group — had also entered into a contract, under which it was restricted from taking stake in any other real estate company in North India.

It is learnt that invoking this exclusivity clause Emaar-MGF had raised objection to the proposed deal between Citigroup and Ansal. However, Citigroup’s private equity head Ajay Relan said the group is investing in Ansal API through a different arm which has not taken stake in Emaar-MGF. He added that the arm which had taken stake in Emaar-MGF is restricted from taking stake in any real estate firm in the country.

Emaar-MGF CEO Shravan Gupta said legally, Emaar-MGF does not have any objection on Citigroup-Ansal API deal if it is carried out through an arm other than the one that has taken stake in Emaar-MGF. He said things have been sorted out as Citigroup has explained its position

Source from Times Of India
www.timesofindia.indiatimes.com

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