One of the investment companies of ICICI Prudential is set to buy 40 per cent in a residential project of the Ansal API group in Ghaziabad, said investment banking sources.
Though the exact investment by ICICI Pru could not be ascertained, sources said it could be over Rs 100 crore. The residential project is part of Ansal API’s township project, Aquapolis.
The project will be hived off into a joint venture in which Ansal Landmard, a group company of Ansal API, and an investment arm of ICICI Pru will be partners, sources said.
When asked Ansal API’s official spokesman refused to comment.
Ansal API is bringing in investors to fast-track the completion of its projects, which were delayed due to the earlier slowing of the real estate sector. In June 2008, HDFC Asset Management Company invested in Megapolis in Greater Noida, which was marketed as a high-tech township.
Private equity investments in real estate have picked up recently after a prolonged lull. In January, Orbit Corporation, a Mumbai-based developer, announced that a clutch of investors, including IL&FS, IIRF India Realty and Moltana Holdings would invest Rs 165 crore in its township project.
Red Fort Capital, a India-focused private equity investor, recently announced a Rs 200 crore investment in a residential project of Noida-based 3C Company
Aquapolis is spread over 130 acres and has a highrise residential project and commercial development. The housing project will have about 45 towers, with a total of 2,500 units.
