NRI invests $250 mn to capitalise on Indian market
An NRI investor has launched a private equity fund with an aim of investing $250 million, which will aggressively capitalise on the rapid growth and opportunity in the Indian market.
"The fund's goal is to provide financing for the development of world-class properties and to assist in furthering India's economic expansion," Raj Vakharia said.
He said he expects the fund to enter into a co-investment agreement with a major financial institution in India. The fund will invest in a broad range of commercial and residential real estate, including hospitals, educational institutions, single-tenant properties, retail, apartments and infra-structure, Vakharia said.
It will target its investment in high-growth markets throughout India including Mumbai, Bangalore, Chennai, Pune, and Delhi. Vakharia said he expects to leverage the equity to deploy over $750 million over the next three to five years.
"I am excited about the opportunity to form strategic alliances with some of India's top financial and real estate institutions. The next few years should be a time of outstanding growth for India," he added.
Vakharia spent over 25 years in the real estate capital markets on Wall Street and in the Government. He was formerly a Managing Director of Real Estate for the investment banking firms of Credit Suisse First Boston and Donaldson, Lufkin & Jenrette. After leaving Wall Street, Vakharia was appointed Assistant State Treasurer by the Governor of New Jersey. He was the first Asian-Indian to hold such a high Treasury post.