The Hindu : Business : Shriram Properties to develop Rs. 5,000-cr. township in Kolkata

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Wednesday, Sep 19, 2007
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Shriram Properties to develop Rs. 5,000-cr. township in Kolkata

Staff Correspondent

MUMBAI: Shriram Properties, a leading South-based property developer, has partnered with funds sponsored by Walton Street Capital and the Starwood Capital group to develop a Rs. 5,000-crore ($1.25 billion) integrated township in Kolkata.

In a statement, M. Murali, Managing Director, Shriram Properties, said, “we are excited to be partnering with Walton Street Capital and Starwood Capital, both of which have substantial experience in building destination properties. By investing in this transformational project, two major global real estate investment management firms have joined hands to help shape the future of Kolkata real estate.”

The project represents one of the largest-scale partnerships of global real estate private equity firms in India and will be on land previously belonging to the Hindustan Motors’ plant in Uttarpara and will comprise about 20 million sq. ft. of residential, retail, office and civic infrastructure.

Both the U.S. real estate investment firms, will remain closely involved in working with Shriram Properties on the vision and execution of the project. The master plan for the project will be created by the internationally renowned firm, HOK.

Shriram Properties is the real estate arm of the Rs. 25,000-crore. Shriram group which has diversified business interests in areas such as real estate, truck financing, insurance, consumer finance, and information technology, employing over 15,000 people in its various verticals.

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