HDFC India Real Estate Fund has bought a 10% stake in Pune-based real estate company Paranjape Schemes for Rs 75 crore. Private equity investor GE Capital has also signed a deal worth Rs 250 crore with the company for developing an integrated township project in Pune.
The funds infused by HDFC will be used for all upcoming projects of the company, while GE Capital’s investment is for a specific project in Pune, as reported by the Economic Times. Paranjape Schemes, which also undertakes construction activities and has completed over 100 projects, is also planning an IPO in the future.
HDFC India Real Estate, a real-estate fund having a corpus of Rs.1000 crs, was the first dedicated real estate fund launched in India in 2005. The fund has bought stake in another Pune based real estate developer Vascon Engineers. The fund has a mandate to invest in three broad classes of projects-those that are complete, those in the development stage and those in the planning stage.
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