economy

Aparna Constructions in talks with Kotak, Piramal to raise funds

Aparna Constructions and Estates

, part of the ₹2,000-crore

Aparna group

that offered a successful exit to Morgan Stanley last year, is now in talks with a few private equity and realty funds that showed interest in partnering with the company.

Talks are on with the prospective partners that include Kotak, Piramal and a few realty funds, primarily for two new residential projects in Bengaluru at Hennur behind Manyata Tech Park, director C Rakesh Reddy said.

Morgan Stanley had invested $100 million in December 2007 for a 50% stake in a residential project of Aparna Constructions at Nallagandla — Aparna Sarovar — on 90 acres of land in Hyderabad.

“Given the large sized projects we are taking up now in Hyderabad, we would require $100-200 million funds from PE and realty fund partners,” Reddy told ET.

“For the proposed projects in Bengaluru, we may require $50-100 million. Current talks are primarily for the residential projects being taken up in Bengaluru,” he added.

Reddy said the company has obtained the necessary approvals for the first residential project comprising two highrise towers at Hennur, spread over 3.13 acres, to be launched next month.

The approvals for the second residential project at Hennur over 5.26 acres of land are expected soon. Aparna has already completed its first residential project in Bengaluru at Yeswantpur, comprising 152 premium luxury apartments and penthouses.


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