IL&FS to exit Bhartiya Urban stake


bangalore india 2_sqPrivate equity firm IL&FS Investment Managers has reportedly exited its stake in Indian real estate company Bhartiya Urban, which is currently developing the Bhartiya City project in Balgalore.

The promoters of the company are buying back the stake held by IL&FS, said the Business Standard.

The private equity firm, which is a division of Infrastructure Leasing & Financial Services, invested INR1.25bn ($22m) in the business in 2007-08.

IL&FS and Standard Chartered Private Equity are reportedly targeting an INR33.44bn ($600m) fundraise for their latest infrastructure investment fund.

The new fund, which is expected to close within a dyear, will invest outside of Asia to take advantage of infrastructure growth in the Middle East.

The two firms previously raised $658m for the Standard Chartered IL&FS Asia Infrastructure Growth Fund in 2008.

Copyright © 2013 AltAssets