Bangalore-centered Embassy Group has entered into talks with JP Morgan, a global financial services group, for raising a real estate fund of Rs.500 Cr.
Embassy Group has entered into talks with the global financial services group for raising a fund for real estate development. The Indian firm plans to invest the fund of Rs.500 Cr into two real estate projects in Bangalore.
Embassy Property Developments plans to develop a top-end villa project and another residential project with IT campus. They have the plan to develop the projects on the Bangalore – Bellary Road.
Embassy Group had recently sealed a real estate transaction with Blackstone, a global private equity firm. This real estate transaction is considered as the biggest commercial transaction of India.
However the CMD of Embassy Group Mr. Jitu Virwani kept his lips closed when asked about their talks with the financial services firm. Mr. Yesh Nadkarni of JP Morgan too declined to comment on the ongoing talks. He told the media persons that as a matter of policy he could not comment on the issue. Continue reading