Industry & Economy
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Real Estate & Construction
Dalmia group to launch real estate fund
Our Bureau
Mumbai
,
July 22
THE Delhi-based Dalmia group is raising the country's first real estate venture capital fund called Fire Capital. A press release from the group said the Securities and Exchange Board of India had permitted it to operate a $50-million fund that would buy equity in real estate projects.
According to the release, the fund has identified three investment opportunities — a Rs 290-crore mixed development project in the National Capital Region, a Rs 370-crore housing township project in Bangalore and a Rs 180-crore housing and commercial project in Pune.
The fund hopes to get annualised returns of over 30 per cent from these investments.
Mr Gaurav Dalmia, a cousin of Mr Abhishek Dalmia of Renaissance Group, is the main sponsor and anchor investor of the fund.
Mr Gaurav Dalmia runs First Capital India, which focuses on "special situation investing", and is involved with Infinity Venture Fund and GW Capital, the release said.
While a clutch of high net worth individuals have committed $20 million to Fire Capital, it is in talks with some leading institutions in the US and Europe and high net worth families from West Asia to invest in the fund, it stated.
"Fire Capital will take strategic equity position in real estate projects all over India fulfilling a need gap of equity capital required by developers, who generally have less equity than their projects demand," the release said.
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