Ansal API, which is building the 2,500-acre project near New Delhi, eventually plans to sell at least 40% in the Rs130bn township to various PE funds.
Citigroup and Warburg Pincus are reportedly in talks to acquire a 15% stake in Ansal API's Dadri Megapolis project for Rs19bn. The deal is likely to be finalised in two months, according to a leading business daily.
Ansal API, which is building the 2,500- acre project near New Delhi, eventually plans to sell at least 40% equity in the Rs130bn township to various private equity funds, the financial newspaper said.
The project includes hotels, shopping malls, residential housing, offices and a golf course and is expected to be completed in eight years, the paper said. India's leading housing finance company HDFC owns 8.5% in the township project.
Ansal API has a land bank of 7,000 acres with 17 townships, 15 shopping malls and three Special Economic Zones (SEZs) under different stages of development across the country, the daily said.
Source:Indiainfoline.com 17thJuly2008.
