This will be the third time this six year old firm will be tapping into the private equity pool after getting investments from Citigroup and New York-based hedge fund Och-Ziff Capital Management Group.
While Och Ziff invested $55 million for a 25 per cent at the enterprise level, the Citigroup investment is for a $100 million hospitality project Nitesh is building to bring Ritz Carlton into Bangalore.
Speaking to Business Standard L S Vaidyanathan, executive director, Nitesh Estates said that they would be raising $150 million through the private equity route in the near future to fund their aggressive expansion plans.
The company is in the process of developing more than 8 million sq ft of living and work spaces. The company recently forayed into building retail mall in Bangalore which is expected to be the biggest in South India.
The Rs 400 crore retail mall, housed on a 5 acre land in Indiranagar will be spread over 1 million sq feet and is expected to be ready by end of 2009. According to a statement from Nitesh Estates, they have already locked up property for rolling out similar retails initiatives in Chennai, Trivandrum, and Cochin. Apart from these, Nitesh Estates will also be setting up super premium retail avenues in the luxury five star hotels it is building in Bangalore and Chennai.
Nitesh Estates is also developing a Rs 100 crore built-to-suit residential complex for ITC Limited while parallel putting up a mixed use mini township project in Bangalore spread over 2.5 million sq feet.