3i to invest $40mn in real estate via IndiaREiT

Private equity investor 3i is planning to invest $40 million (about Rs 180 crore) in the Indian real estate market. The investment would be made through a real estate focussed venture capital fund, IndiaREiT, 3i said in a release issued today.

The fund is promoted by Ajay Piramal, and is focussed on the Indian real estate sector, and invests in projects governed by foreign direct investment guidelines, the release said.

"This will be a symbolic relationship where IndiaREiT will benefit from 3i's proprietary systems and procedures and its vast international exposure in the venture capital business," Piramal Enterprises chairman Ajay Piramal said.