Tuesday, October 16, 2007

To cash in on the realty boom ICICI Venture is floating $2 bn real estate fund


A Classic Cash Register, originally uploaded by heath_bar.

ICICI Venture joins other majors such as Morgan Stanely, Citigroup, HDFC, J P Morgan, and Kishore Biyani that hope to cash in on the realty boom by floating real estate funds.

Land and Properties :

The private equity fund is planning to operate in the entire value chain of the real estate business and will now use part of the cash from the fund to build a land bank. It has also decided to buy and manage completed properties, commercial and residential and sell them later.

Partners :

Confirming the development, Renuka Ramnath, managing director and CEO of ICICI Venture Funds, said: "We will be able to raise large sums of money leveraging the ICICI brand name, coupled with over five years of experience in realty investment and, of course, a great international real estate developer as partner."

The fund, which will be launched next month, will have a tenure of ten years and the money will be invested in projects within three years.

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