Supertech to raise Rs 10b thru’ PE this year
Monday, 27 January 2014
NEW DELHI, Jan 26 (PTI): Realty firm Supertech plans to raise Rs 10 billion this year through private equity to fund ongoing projects and is in discussions with a few firms.
In 2013, Supertech had raised Rs 2.80 billion from PE firm Xander for its upcoming township project in Gurgaon. Before that, it had raised Rs 1.0 billion from Walton Street Capital for mixed-use project 'Supernova' at Noida.
"We are planning to raise Rs 10 billion through private equity this year. We are in discussions with few private equity firms," Supertech Director Mohit Arora told PTI.
It is in talks with Xander as well to raise additional funds, he said, adding that "the funds would be utilised for our ongoing projects".
The Noida-based firm is developing projects spread over 90 million sq ft and are worth Rs 180 billion. The company is in expansion mode.
Supertech recently launched a new housing project in Noida with an investment of Rs 13.50 billion over the next three years. The company would construct 1,800 flats in the project, which is spread over 17.5 acres.
It also announced foray into the education sector by deciding to set up an University in Uttarakhand with an investment of Rs 7.50 billion.
Supertech University, to be set up on 47 acres near Rudrapur in Udham Singh Nagar district, will start functioning from December this year. The regular courses will start from mid-2015 session
The company has presence in Noida, Greater Noida, Gurgaon, Ghaziabad, Meerut, Moradabad, Haridwar, Rudrapur and Bengaluru.