An affiliate of Qatar Investment Authority is holding discussions to invest about $200 million, Rs 1,200 crore, in RMZ Corp, one of south India’s largest commercial developers, said people directly involved with the talks.
The deal could be a combination of equity and debt, split equally, into a special purpose vehicle housing the Bangalore based developer’s commercial projects under development. The discussions are routed through Qatar Investment Company, a part of the oil rich Middle East nation’s sovereign wealth fund (SWF), added sources cited earlier in this report.
Last month, Qatar invested $1.2 billion for a 5% stake in India’s largest mobile telephone company Bharti Airtel. The SWF Institute recently said Qatar Investment Authority was “willing to invest $10 billion in India over the next few years”. Real estate is an important part of the overseas investment portfolio Qatar is chasing.
Banking sources said RMZ, with a property portfolio in excess of $3 billion, has submitted multiple commercial project brochures for Qatari investor to decide. The asset mix of the special purpose vehicle will be decided accordingly. RMZ Corp MD Raj Menda could not be reached for immediate comments.
Source: Times of India