Indiabulls, IIFL to raise $500 million offshore capital via Mauritius

Diversified financial services firms Indiabulls Group and IIFL Asset Management Ltd have incorporated entities in Mauritius to raise offshore capital for real estate investments for the first time.

Diversified financial services firms Indiabulls Group and IIFL Asset Management Ltd have incorporated entities in Mauritius to raise offshore capital for real estate investments for the first time.

Indiabulls and IIFL have incorporated entities in Mauritius to raise offshore capital for real estate investments. (Ramesh Pathania/Mint)

These are probably the first instances of real estate fund-raising via this route after the recent renegotiation of the tax treaty between India and Mauritius.

Between the two firms, Indiabulls and IIFL plan to raise about $500 million to invest in residential projects here in India. The tenure of each of the funds is about 5-6 years and targets an internal rate of return (IRR) of at least 20%.

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