ASK Group invests Rs 127 cr in ATS' housing project at Noida

Private equity firm Ask Group today said it has invested Rs 127 crore in realty firm ATS group's housing project in Noida.
ASK group said this investment is its first from the offshore fund managed by Singapore-based arm ASK Capital Management.
"The total investment is of Rs 127 crore," ASK group said in a statement.
Commenting on the development, ATS group CMD Getamber Anand told PTI: "We have raised Rs 127 crore from ASK group. This is ASK group's third investment in our projects. Earlier we had raised Rs 50 crore for another project in Noida and Rs 140 crore for a housing project in Gurgaon".

Anand said the company had bought 20 acres land from Logix and plans to launch the project in next 3-4 months.
The Noida-based firm is expecting to achieve sales realisation of about Rs 1,000 crore from this project.

ASK group CEO and MD Sunil Rohokale said: "We are strengthening our partnership with ATS Group with third investment and are confident of deriving great value for our investors. This investment also fits perfectly in our strategy to invest in top five cities and in a mid segment residential housing projects."
The first exit made by ASK Group in April 2012 in ATS 'One Hamlet' in Noida, clocked an Internal Rate of Return (IRR) of 54 per cent and a multiple of 2.45 in over 2 years.

ASK group has recently announced its exit from Liviano, a project by Darode Jog Properties in Pune, recording an IRR of 30 per cent and a multiple of 2.35 in 3 years.
ASK Group has emerged as a leading player in the Real Estate Fund business and currently manages real estate assets of more than Rs 2,100 crore.
The Group has successfully raised two domestic funds and an offshore fund amounting to about Rs 1,600 crore and has raised structured debt of close to Rs 500 crore.