New York-based private equity and realty firm AIG Global has purchased 50% stake in a mall project in Hyderabad from Bangalore-centered RMZ Corp.

AIG Global to develop residential project in Hyderabad

AIG Global, a New York-based private equity and realty firm, has bought 50% stake of RMZ in their shopping mall project in Hyderabad. The mall project is a joint venture which has been stalled due to many reasons. RMZ has divested its stakes worth Rs.53 Cr in the stalled mall-cum-office project.

AIG Global plans to turn the mall project into a residential project with some additional investment. The project, spreading over 11 acres, is expected to be launched by the first quarter of next financial year. However the launch will be subject to internal approvals, an official with direct knowledge revealed.

Mr. Bamasish Paul, MD at AIG Global Real Estate India refused to comment on the issue. On the other hand, while commenting on the development Mr. Raj Menda, managing director of RMZ, said that the dispute was cordially settled down. Continue reading →