Indiareit buys Rs 300 crore stakes

Ajay Piramal-promoted real estate fund Indiareit has acquired about 15 percent stakes in Mumbai-based developer Neptune group for around Rs 300 cr. The deal assumes significance as the fund has chosen to invest in the company, rather than the usual practice of investing in individual projects.

Neptune group chairman Nayan Bheda confirmed the deal, but refused to share the details, including the amount involved. “We have expanded our operations across India and the money will be invested in upcoming projects,” Bheda added.

In the past few years, Neptune has grown into a pan-India player with projects in Pune, Hyderabad, Chennai, Vishakhapatnam, Kochi and Nagpur, among others.

“It is for the first time that we are investing in the entity-level. The deal will help us get a pan-India presence as Neptune is expanding operations across India,” said Indiareit Fund Advisors CEO Ramesh Jogani.

Indiareit is looking at investments in excess of Rs 200 cr in properties in Mumbai and Hyderabad. It had invested Rs 225 cr in Bangalore-based Skyline Constructions & Housing last year.