ICICI Prudential Life Insurance said one of its investment arms may acquire 40% stake, for over Rs.100 crore, in a residential project of the Ansal API group in Ghaziabad, reports say, quoting investment banking sources, Business Standard reported.
The residential project is a part of Ansal API's township project, Aquapolis. It is spread over 130 acres and has around 45 towers, with a total of 2,500 units.
The project will be formed into a joint venture, in which Ansal Landmard, a group company of Ansal API, and an investment arm of ICICI Pru, will be partners, sources said.
Ansal API is bringing in investors to complete the projects ahead of schedule. The projects were delayed due to slowdown in the realty sector.
Private equity investments in real estate picked up recently after a prolonged lull. In January, Orbit Corporation, a Mumbai-based developer, said a clutch of investors, including IL&FS, IIRF India Realty and Moltana Holdings, would invest Rs.165 crore in its township project.
In June 2008, HDFC Asset Management Company invested in Megapolis in Greater Noida, while Red Fort Capital, an India-focused private equity investor, recently announced a Rs.200- crore investment in a residential project of Noida-based 3C company.
Source: RTT News