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U.S. firm picks up 15 p.c. stake in Vipul

NEW DELHI: Wachovia Corporation, one of the largest diversified financial institutions in the U.S., has picked up about 15 per cent stake in realty firm Vipul Ltd. for Rs. 234 crore. The company plans to invest up to $1 billion (about Rs. 4,100 crore) in the Indian real estate market this year, Vipul Managing Director Punit Beriwala told a press conference here on Friday. Wachovia has invested in Vipul through its company WDC Ventures.

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