Kolte-Patil Developers Ltd has announced that investment firm KKR has committed to invest Rs 193 crore in Kolte-Patil I-Ven Townships (Pune) Ltd (KPIT), a joint venture of Kolte-Patil and ICICI Venture Funds Management Company Ltd.
KPIT is developing Life Republic, a 383-acre township located in Pune’s IT hub, Hinjewadi. The company will utilise the funds from this investment to attain financial closure besides meeting the working capital requirements and reducing the cost of outstanding debt attributable to the development.
Gopal Sarda, Group CEO, Kolte-Patil Developers, said: “With our new partnership, we see this landmark project accelerating further to meet the rising aspirations of middle-income home buyers. We will utilise KKR’s capital to further expand our focus on efficient execution that we see translating into improved demand from customers and strong project dynamics for all other stakeholders.”