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JP Morgan betting big on Indian realty
When it comes to project financing, realty-focused private equity funds are churning out the dollars. JP Morgan's USD 360 million India-focused fund has made its largest investment so far in an IT park in Navi Mumbai.
When it comes to project financing, realty-focused private equity funds are churning out the dollars. JP Morgan's USD 360 million India-focused fund has made its largest investment so far in an IT park in Navi Mumbai.
This 40-acre plot, near Patni Knowledge Park in Airoli, in Navi Mumbai, will soon host a sprawling IT park. JP Morgan's realty fund will cash in on demand from it and ITES companies to shift to such cheaper locations. The fund will invest Rs 100 crore or over USD 25 million in the development.
We hear JP Morgan's property fund will buy 40% in the 4.5 million-square-foot IT park, to be developed on this plot by the B Raheja Group. Although the Rahejas and JP Morgan have refused to comment on the deal, according to sources, B Raheja will consider applying for an IT SEZ notification for this development.
The B Raheja Group recently received an investment of USD 45 million from US-based investment banker Wachovia, for two projects in Bangalore. And JP Morgan's realty fund has invested USD 10 million each in Hyderabad-based Modi Developers and Chennai Based Arihant Foundations for middle-income group housing. The fund is also about to finalise an investment in an IT-cum-residential complex in Kolkata's new town Rajarhat with Unicon Builders.
When it comes to project financing, realty-focused private equity funds are churning out the dollars. 
