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Salarpuria Sattva Group and Apollo Asia RE Singapore (Apollo Asia Fund) have entered into a joint venture to acquire 100 per cent stake from a group of offshore investors in two real estate projects at Bengaluru and Vadodra.
The deal value is Rs 275 crore ($42 million). Apollo Asia Fund’s investment was made under foreign direct investment guidelines.
The Salarpuria Sattva Group, founded in 1986 and headquartered in Bengaluru, has spread across the country.
Commenting on the deal, Bijay Agarwal, managing diector, Salarpuria Sattva Group said, “We are delighted to form this joint venture with Apollo Asia Fund. We plan to develop these projects as landmark residential developments and look forward to partnering Apollo Asia Fund in more joint ventures in the future.”
Nipun Sahni, Partner at AGM India Advisors said, “We are happy to partner with the Salarpuria Sattva Group for these projects. Given the group’s reputation and proven track record in real estate, we believe they are well positioned to add value to these projects”.
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