Oberoi Realty shelves plans to float mall JV

Mumbai-based Oberoi Realty has put off its plans to float a joint venture with private equity investors for its upcoming malls. It plans to use its internal cashflows and debt to invest in its upcoming malls instead.

The company was in talks with investors, such as US-based Morgan Stanley, Singapore’s GIC and others, to float a joint venture, which was to have a corpus of Rs 1,000 crore. Oberoi Realty was expected to hold about 75 per cent. 

When asked, Vikas Oberoi, chairman and managing director, said the company had enough cash flow to invest in its projects and, hence, did not