The Hindu Business Line : Vascon Engineers inks pact with HI-REF

Corporate - Alliances & Joint Ventures
Industry & Economy - Real Estate & Construction
States - Maharashtra
Vascon Engineers inks pact with HI-REF

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Currently has operations in Mumbai, Goa, HP

The group has completed more than 100 projects for residential, commercial, industrial and pharma companies, in the last two decades.

Pune , June 29

The Pune-based real estate company, Vascon Engineers Private Ltd has said that it has signed agreements with HDFC India Real Estate Fund (HI-REF), the real estate private equity fund sponsored by HDFC Ltd, for an investment of approx Rs 138.5 crore.

The real estate private equity fund has invested the money for an undisclosed stake in Vascon Engineers.

The real estate company, meanwhile, is one of the prominent players in the city's residential and commercial properties development space and is also in the business of developing built-to-suit facilities for industrial, pharma and IT sectors.

Vascon has 11 million sq ft of development under progress in prime locations in and around Pune.

"We have chosen HI-REF to partner with us considering their extensive experience in real estate sector and understanding of the markets. We look at this as a long-term alliance with them, which will benefit us in a strategic manner including help widen our presence across the country," Mr R.Vasudevan, CMD, Vascon said in a release here.

The Rs 450-crore Vascon Engineers currently has operations also in Mumbai, Goa, Himachal Pradesh and other states.

The group has completed more than 100 projects, covering 6 million sq ft for residential, commercial, industrial and pharma companies, in the last two decades. It is currently implementing several IT, hospitality and residential projects in the city including the one million sqft Vascon - Weikfield IT Citi Park and Hyatt Hotel in Pune.

In addition to clients like Msource, Parametric Technologies and Syngenta and Dr Reddy's 0Lab, the company is also behind bringing brands such as Shopper's Stop, Adlabs, McDonalds, KFC, and five-star hotel chain, Hyatt to Pune.