Business Daily from THE HINDU group of publications
Friday, Sep 19, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Friday, Sep 19, 2008 ePaper | Mobile/PDA Version | Audio |
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Corporate
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Outlook Lehman fall will not hit projects, says Bharat Infratech The investment of Lehman Brothers is from LBREP II, which is a third party equity $2.4-billion, 10-year fund, raised by Lehman in August 2005 Our Bureau Hyderabad, Sept. 18 Bharat Infratech, the Hyderabad-based real estate developer has said the recent developments in the financial markets regarding Lehman Brothers in US would not impact their ongoing projects, including its flagship Iconia. In a statement, Bharat Infra said “We are an FDI-compliant company with private equity funds invested in our projects. Currently our projects are already fully funded by equity funds managed by Lehman Brothers, Tiger Global Management, and Mr A. Sitarama Raju and his group.” The investment of Lehman Brothers is from LBREP II, which is a third party equity $2.4-billion, 10-year fund, raised by Lehman in August 2005. Further, investments in Bharat are governed by the laws for FDI investment and the lock-in period stipulated therein, the statement said. Bharat Infratech, formed in 2006, has firmed up plans to implement 10 large realty projects — six in Hyderabad and four in Visakhapatnam. It has already built up a land bank of 700 acres in these two fast growing cities. The company’s flagship project, Iconia, which will have 18 towers and a built-up area of 3.85 million sq ft has already made progress in Kondapur area of Hyderabad. The total project on a 21-acre campus has been conceptualised by Atkins of UK, designed by DWP of Thailand, landscaped by SCI of Singapore, while Jones Lang Le Salle Meghraj is undertaking the facility’s management, the company said. ‘Exposure to Lehman limited’ Vendors likely to see stunted growth on Lehman, Merrill woes Vendors likely to see stunted growth on Lehman, Merrill woes Lehman Brothers files for bankruptcy More Stories on : Outlook | Foreign Institutional Investors | Real Estate & Construction
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