Nitesh Estate gets $100 mn

Nitesh Estates, the real estate arm of the Bangalore-based Nitesh Group has received $100 m in foreign direct investment from Siachen Capital for residential and commercial properties development.

Siachen Capital, a New York-based private equity firm will initially invest $30 million in the first phase and $70 million in the second phase. Miguel Forbes, of the Forbes Magazine Group, and Jack McCue have joined to promote Siachen Capital, a private equity firm.

Announcing this here on Tuesday, Jack McCue, managing director, Siachen Capital said, "In just five years of existence, Nitesh Estates has grown by leaps and bounds, brought over 3 million square feet of space under development as premium living and working space. Today the company has projects worth Rs 400 crore to its credit."

This purely financial investment through the SPV route will provide Nitesh Estates with the base capital required to undertake larger projects and reduce its exposure to debt financing.

According to Nitesh Shetty, managing director, Nitesh Estates, "With this investment we are looking at developing integrated communities and homes. We plan to use the funding for developing high-end residential and commercial properties and townships in Bangalore."

Jack McCue further said: "Siachen Capital is bullish about the real estate outlook for India in the next five years with strong demand coming in from the burgeoning middle class, IT and BPO sector. We believe the partnership with Nitesh Estates is a strategic global alliance."