Kotak Realty Fund, an $800 million (Rs3,672 crore) real estate private equity (PE) fund from Kotak Mahindra Group, will invest Rs270 crore to acquire stakes in a Mumbai-based realty firm and a slum rehabilitation project and a Bangalore-based developer, chief executive S. Sriniwasan said.The fund will spend Rs100 crore to acquire a 60% stake in Star Light Developers Pvt. Ltd and another Rs100 crore for 50% of the slum rehabilitation project undertaken by Ackruti City Ltd near Mumbai’s international airport, Sriniwasan said. It will spend Rs70 crore to purchase a 60% stake in Bangalore-based Lalith Gangadhar Constructions Pvt. Ltd.
Kotak Realty has in the past acquired a 9.5% stake for Rs130 crore in Lemon Tree Hotels, which operates 11 hotels and is building nine more, an 11% stake in Pune-based Pride Hotels for Rs50 crore, and invested Rs250 crore in IVRCL Infrastructure and Project Ltd’s Rs2,000 crore, 500-acre township project in Sriperumbudur near Chennai.
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