Morgan Stanley Real Estate, the real estate arm of global financial services firm Morgan Stanley, today announced investment of about Rs 300 crore (around $65 million dollar) in Delhi-based real estate development management company Alpha. The partnership with Morgan Stanley Real Estate will allow Alpha to further capitalize on significant growth opportunity and at the same time provide us access to Morgan Stanley's world-class global real estate franchise, R S Sodhi, managing director of Alpha, said. This relationship is also an important step in the diversification of our business. We plan to utilise our partner's relationships and global platform to strategically expand our business," he said. The company, however, did not disclose the amount of equity dilution in favour of Morgan Stanley. Commenting on this, Zain Fancy, executive director of Morgan Stanley Real Estate in Asia-Pacific, said: "India represents a compelling real estate investment opportunity and this investment is a continuation of our India strategy." |