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Millennium Spire to invest $1 bn in Indian realty

Published & Updated as on - 2009-12-01

UK-based private equity firm Millennium Spire today said it will invest $1 billion (over Rs 4,500 crore) in various real estate projects in India over the next five years as it sees huge potential in the country.

"The growth in Indian real estate market is very robust. Although no big ticket private equity investment has been announced this year, 2010 is going to be a year full of events," Millennium Spire India Management Managing Director Ashish Bhalla told reporters here.

The PE fund, which is currently developing about eight million sq ft of area in four projects, would focus on India and other emerging countries for its future growth, he added.

"We have decided to invest $1 billion in Indian real estate in the next few years. Going forward, we will also work on infrastructure projects," Bhalla said, adding the company is exploring possibilities in Haryana, Uttarakhand and Tamil Nadu and is talking to the respective state governments.

The $15 billion group would pick up controlling stake in these projects, which would be built by local developers.

Millennium Spire India Director Sunil Gandhi said the company would develop residential and commercial projects over the next five years under the planned capex.

"Our focus area will primarily be the National Capital Region (NCR). We are going to launch four new housing projects in the next 2-3 months, which will come up in Gurgaon and Noida," he said.

Source : Press Trust of India / New Delhi December 1, 2009, 19:16 IST

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