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Landmark, part of the real estate investment group of the Dalmias, has entered a mixed-use development project in Tirupur, in the southern Indian state of Tamil Nadu. The project envisages 20 acres of residential, retail, commercial & hotel development with a built up area of 1.9 mn. sft., resulting in an estimated revenue of approximately USD 140 million. Landmark has taken up a 25% stake in the project, which is being set up by Prime Textiles, one of the reputed industrial groups in Tirupur. Tirupur is widely considered the “Manchester of India”, and accounts for $3 billion of knitted apparel export. Prime Textiles, manufacturers in textile sector who recently forayed into real estate, has in its fold an ideal land situated in the heart of the city that will be put to use for the project. The first phase of realty development by Prime Textile is at an advanced stage of progress. […]

75% PIPE deals giving negative returns

A whopping 75 per cent of private investments in public equity (PIPE) deals of 2007 have gone sour for their investors, according to a study by Delhi-based NEXGEN Capitals. However, there is a silver lining to the PIPE deals story in India. Banking, financial services and insurance, telecom, and retail are the sectors which seemed to have survived the market meltdown. Retail was the top performer with returns of 41 per cent. An analysis of 63 PIPE deals stuck last year shows that infrastructure sector has been the worst performer. In 2007, the infrastructure sector saw PIPE deals worth Rs 5,912 crore but the marked-to-market value of these transactions has eroded nearly 50 per cent to Rs 2,967 crore as on July 7. NEXGEN Capitals, which is the merchant-banking arm of Delhi-based brokerage SMC Global Securities, said total investment of Rs 21,857 crore in PIPE deals last year stood at Rs 19,223 crore, down 16.7 per cent. […]