The Hindu Business Line : Nitesh Estates to get Siachen Capital's $100-m funding

SIACHEN Capital LLC, a New York-based private equity firm, will be investing $100 million in two phases in Nitesh Estates, the real estate arm of the Bangalore-based Nitesh Group.

The US company would invest $30 million in the first phase. This investment through an SPV route would provide Nitesh Estates with base capital required for its larger projects and reduce its exposure to debt, said a company release.

Mr Miguel Forbes of Forbes magazine group and Mr Jack McCue have promoted Siachen Capital. Mr Jack McCue, Managing Director, Siachen Capital LLC, said: "We are bullish about the real estate outlook for India in the next five years with strong demand coming in from the burgeoning middleclass, IT and BPO sectors. We believe this partnership with Nitesh Estates is a strategic global alliance".

Mr Nitesh Shetty, Managing Director, Nitesh Estates, said: "It is an important moment for Nitesh Estates to get this investment to get closer to our long term vision... We are looking at developing integrated communities and homes, which will make a real impact on the lives of the people. We plan to use this funding for developing high end residential and commercial properties and townships in Bangalore."

This is one of the major investments by a foreign fund in real estate after the sector was permitted overseas participation following last year's revision in the policy to allow 100 per cent FDI in townships, housing, built-up infrastructure and construction/development projects, under the automatic route.

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