 "Xander Group invests Rs 370 cr in Rustomjee")
Rustomjee received an investment of Rs 370 crore or $61.5 million in one of its group companies, Kapstone Constructions (KCPL) from the private equity real estate arm of the global investment firm, Xander Group Inc.
The capital received will be utilised for reducing debt and for further growth of the Rustomjee group.
Boman Irani, chairman of Rustomjee said, "This is the fifth private equity investment in our company. Their extensive industry knowledge and global experience will add significant value to our company. We have provided successful exits to all our previous investors."
KCPL is currently developing Rustomjee Urbania, an IGBC certified, 127 acre township in Thane area near Mumbai. The project is under a joint development pact between the company, which operates under the brand name Rustomjee Group, and a few landowners.
Xander invests primarily in companies which operate in the infrastructure, hospitality, entertainment, retail and real estate sectors, and has so far invested about $1 billion in India since 2005.
In terms of value of investments, approximately $1.2 billion was invested in the real estate sector in 2013, of which investment in land was the highest at $838 million.