Tuesday, May 20, 2008

Lanco Infratech to raise USD 200mn for realty business

Lanco Infratech, the flagship company of the Hyderabad-based Lanco Group, today said it is in talks with a couple of overseas private equity palyers to raise USD 200 million for its realty business.

"We are in discussion with a couple of private equity players abroad to raise up to USD 200 million for our realty business," Lanco Infratech's Managing Director Venkatesh Babu told PTI.

The deal could materialise in the next six months, he said.

Lanco Infratech, the holding company for Lanco Group's power, realty and infrastructure projects, is developing a township in Hyderabad over a 20 million sq ft area entailing an investment of Rs 6,500 crore.

It would also develop another township in Chennai on five million sq ft area for which it has already acquired land. Work on this Rs 1,500 crore project is expected to start in the next six months, he said.

Babu said the company is also looking at opportunities for developing townships in Bangalore and Gurgaon. "These are, however, at nascent stages. We are, in fact, presently talking to potential sellers of land in these areas," he said.
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