Britain-based realtor to invest $300 mn in IndiaNovember 1st, 2008 - 10:05 pm ICT by IANS
Chennai, Nov 1 (IANS) Britain-based real estate developer Eredene Capital Plc announced Saturday it will invest $300 million in India’s infrastructure sector next year.“This will be our second fund focussed on the Indian infrastructure sector as there are a series of good projects available for investment,” Eredene Infrastructure Pvt Ltd chairman Nikhil Naik said.
The fund will be raised from investors in Europe and the Middle East, among other places.
“We are confident about the India infrastructure growth story. All the building blocks are in place. What is needed is foreign direct investment,” he said.
Eredene is planning to acquire at least 26 percent stake in a venture and also a board seat. The company targets sectors like logistics, distribution, port related services and real estate.
“We will stay invested for a period of four to 10 years or even longer,” Naik said.
According to him, the company has deployed 55 percent of the $105-million first fund corpus. “Ninety two percent of the first fund corpus is committed for investments. Till date, the company has invested in nine projects.”
On Saturday, the company announced that it will invest around 5 million pounds for developing a container freight station (CFS) at Ennore near here, partnering with the Chennai-based Sattva Business Group.
Eredene will initially own 85 percent stake in a special purpose vehicle to be formed to build the CFS.
The land for the CFS will be purchased in phases, with an initial acquisition of around 35 acres.
The Eredene group is also part of a consortium that has bid for the Ennore Container Terminal project. The consortium, headed by Spain’s leading port operator Grup Maritim TCB SL, also includes Spanish construction group Obrascon Huarte Lian SA, and GE Mauritius Int Holdings, a subsidiary of America’s GE Equipment Services.
Eredene holds 22 percent stake in the consortium.