US fund to invest $100 mn in India
Equity firm Siachen Capital, which is dedicated to India, plans to invest $100 mn in Indian real estate firm Nitesh Estates.business Updated: Jan 03, 2006 19:32 IST
New York-based private equity firm Siachen Capital LLC, which is dedicated to India, plans to invest $100 million in Indian real estate firm Nitesh Estates Pvt Ltd, the Bangalore-based Nitesh group said on Tuesday.
The fund, whose investors include Miguel Forbes of the Forbes magazine empire, will invest $30 million first to develop office and residential properties and the rest later to develop townships, Nitesh said in a statement.
India last year allowed 100 per cent foreign direct investment in townships and housing projects. The country's $17-billion software and office service industry is fuelling demand for homes and business parks in Asia's third-largest economy.