Investing a whopping USD 1.26 billion in telecom giant Bharti Airtel hasn't satisfied Qatar Investment Co's appetite for the Indian market. The company seems to have now turned its attention to the real estate space and has signed a term sheet with the Bangalore-based real estate company RMZ Corp, reports CNBC-TV18's Vineetha Athrey, quoting sources.
Also Read: Long-term, India still an attractive market: StanChart BkSources directly involved in the transaction explains that RMZ Corp has signed a term-sheet with Qatar Investment Co to raise around USD 300 million at the special purpose vehicle (SPV) level. This could translate to a 25-percent of stake in the SPV.
The funds would be a combination of both debt and equity with a breakup of around USD 120 million in equity and USD 180 million in debt.
The SPV itself would undertake around 8-9 commercial projects spread across Bangalore, Chennai and Pune and will include around 2 crore sqft of total developed area.
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