Published on Fri, Feb 16, 2007 at 11:07 | Source : Moneycontrol.com
Updated at Fri, Feb 16, 2007 at 22:14
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IDEB Projects gets $32 mn PE funding
IDEB Projects Pvt Ltd, a Bangalore-based engineering construction and property development company, has received $32-million (about Rs 150 crore) private equity funding from the US-based Samsara Capital LLc, as part of its plans to scale up its business.
IDEB Projects Pvt Ltd, a Bangalore-based engineering construction and property development company, has received $32-million (about Rs 150 crore) private equity funding from the US-based Samsara Capital LLc, as part of its plans to scale up its business.
According to Mr Harkirat Singh Bedi, Managing Director, IDEB Projects, the company would use the investment to create a land bank, among other things. PricewaterhouseCoopers Pvt Ltd is the sole financial advisor on the private equity transaction.
Currently, the company has a construction business order book in excess of Rs 1,100 crore, and is developing over eight million sq ft of real estate projects across the country. IDEB is expected to achieve consolidated revenues of Rs 550 crore for 2006-07, up from Rs 400 crore in 2005-06, Mr Bedi said.
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According to Mr Harkirat Singh Bedi, Managing Director, IDEB Projects, the company would use the investment to create a land bank, among other things. PricewaterhouseCoopers Pvt Ltd is the sole financial advisor on the private equity transaction. 
