The Hindu Business Line : Ptarmigan to invest in realty, focus on southern States

Growth ground
The firm plans to invest about $200-300 million in the first phase.
To raise funds through road shows in the country as also from West Asia and Europe.

Bangalore March 18 Ptarmigan Capital, a US-based alternative asset management firm, has appointed Mr R.V.S. Rao, former Executive Director and Member of Board - HDFC, as the Chairman of its Indian arm, Ptarmigan Capital Investment Advisors.

The firm intends to invest in the country's residential and commercial real estate sector, focussing primarily on the six Southern states — Tamil Nadu, Karnataka, Kerala, Andhra Pradesh, Maharashtra and Goa, Mr Rao told Business Line.

The firm plans to invest about $200-300 million in the first phase, he said, adding it would start raising funds through road shows in the country as also from West Asia and Europe soon to "channelise these funds into real estate projects in the South."

"Depending on the absorption of funds, we will plan the funds for the future," Mr Rao said. "We hope to kick-start the road shows by mid-May," he said, adding that he is confident that by September or October, the firm "will see substantial progress" in investments.

Looking South to grow

"About 80 per cent of our investments would be in the six southern States and 20 per cent in the rest of the country," he said. "The role of IT, ITeS and other service sectors contribute to the region's growth. Also, tier-II and tier-III cities in the South have better growth prospects, provided there are good investments. The economic growth of the region is also good, and these six States make a significant contribution to the country's GDP," he said, explaining the reason for the firm's decision to have a Southern focus as opposed to the pan-Indian presence of similar firms.

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