Monday, 26 December 2016

Tata Housing, Macquarie form Rs 2,000 cr fund

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Realty major Tata Housing has tied up with private equity firm Macquarie Group to set up a Rs 2,000 crore fund to be used for the company's luxury housing projects. Australia-based Macquarie Group will put in Rs 1,400 crore while the Tata group firm will contribute Rs 600 crore. "Tata Housing and Macquarie have joined hands to invest Rs 2,000 crore in the Indian real estate market," a source said. Macquarie will have 70 per cent stake in the fund.

According to sources, the investments will be in the form of equity infusion into the fund to expand Tata Housing's presence across premium and luxury projects in the top 8 cities in the country over the next 3-5 years. The projects would be targeted at marquee locations in Mumbai, National Capital Region, Bengaluru, Chennai, Kolkata and Pune. This is the second such fund for Tata Housing. Its subsidiary Tata Value Homes has formed a fund of about $90 million as it targets to develop about 16,800 homes over the next 10 years. In May last year, World Bank Group member International Finance Corporation had announced an investment of $25 million (around Rs 160 crore) to finance affordable projects by Tata Housing.

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