Shriram Properties, the real estate arm of Rs 50,000 crore Shriram Group, is planning to raise around Rs 300 crore from PE players. The company backed by PE investors has said that it is talking to new PE funds.
Speaking to reporters after launching Shankari Sanjeevani at Gudavancherry on the outskirts of Chennai is meant for the senior citizens M Murali, managing director, Shriram Properties said that the company is planning to buy lands worth around Rs 600 crore in and around Chennai.
"We may put in around Rs 200-300 crore for balance we will be looking at raising from PE investors".
The company which is backed by TPG, Walson Street, Sun Apollo, Starwood, ICICI and other funds, said that it is talking to new funds and added it will dilute stake in individual projects.
On the company's future plan, he said, the company will build around 70 million sq.ft in the next 5-7 years, these include 4.2 million sq.ft commercial and rest will be residential. The project cost would be around Rs 25,000 crore and the company is sitting in a landbank of around 1000 acres, said Murali.
He added the company is a debt free company and raising money through debt is not a constrain.
