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Thursday, 24-Jun-2010 05:13 Email | Share | | Bookmark
Lodha eyes PE funds for Mumbai realty project

Lodha Developers is in talks with several private equity funds to sell stake in a Mumbai project to build the world’s tallest residential tower, its managing director said on Tuesday.
Last week, the developer said it would invest $426 million to build a 117-storey residential tower in central Mumbai and that the company could consider selling a 10-25 per cent stake. “We are in talks with several private equity players but there is no transaction yet,” Abhisheck Lodha told the Reuters Global Real Estate and Infrastructure Summit.
Media reports have linked Singapore funds GIC and Temasek with the project, but Lodha declined to specify names. The Mumbai-based developer said it would hold back its planned $600 million initial public offer until stock markets stabilise and is banking on stronger-than-expected sales to tide over immediate cash flow needs. “We have taken a decision that we will go to market only when there is certainty to the market environment and we can price in amanner that investors make money,” Lodha said.
Courtesy BS dtd: 16/06/2010
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