| "We are looking to take enterprise-level stakes in developers, and in construction and infrastructure companies that have the ability to become large companies in the future," said Ajoy Veer Kapoor, promoter and managing director of Saffron Asset Advisors, which is the fund manager and advisor for Yatra Capital. |
| He said Yatra, which was investing through its Mauritius-registered subsidiary K2, was looking at unlisted companies for either picking minority stakes or forming joint ventures. |
| Though Yatra had the mandate to invest in initial public offerings (IPOs) of realty companies, he said the company was not looking at public issues as the valuations appeared to be stretched. |
| Kapoor, who along with his friends and relatives put in seven million euros to the Yatra Capital IPO last year, said the company was also actively looking at investing a part of the fund in a special economic zone in Kolkota, besides, development projects in tier-II and tier-III cities such as Pune, Indore etc. |
| Saffron Asset Advisors is also advising another India-focussed real estate player Eredene Capital, which raised 100 million pounds through London's Alternative Investment Market (AIM) earlier in 2006. Kapoor said handling the two funds would help Saffron create a larger platform for co-investment opportunities in big projects. |
| "It is a good opportunity though challenging," he said, adding that 28 per cent of Eredene Capital's corpus was already invested in various projects in tier-I and tier-II cities such as Pune, Nasik, Sirapur and Kolkota. |
| "We are planning more investments and we expect to invest 65 per cent of the funds in next couple of months itself," he said. Kapoor said Eredene had invested money in a shopping complex project in Nasik, two investments in Bijapur "" one for a residential complex and another in a retail mall promoted by the Indore-based EWDPL. |
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