Realty player Kolte-Patil Developers today said private equity firm KKR will invest Rs 193 crore in its township project in Pune.
"KKR has committed Rs 193 crore in Kolte-Patil I-Ven Townships (KPIT), a joint venture of Kolte-Patil and ICICI Venture Funds Management Company, which is developing Life Republic, a 383-acre township located in Pune," the company said in a statement issued here.
KPIT will utilize the funds from this investment to attain financial closure for the project, meet working capital requirements and reducing cost of outstanding debt attributable to the development.
"We will utilise KKR's capital to further expand our focus on efficient execution that we see translating into improved demand from customers and strong project dynamics for all other stakeholders," company's Group CEO Gopal Sarda said.
Commenting on the development, KKR Director, Real Estate Ashish Khandelia, said its long-term capital commitment to the project will contribute to its continued success as a high-quality township development.
"We look forward to extending our relationship with Kolte-Patil and exploring more opportunities with the group in the future," he added.
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