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US-based real estate firm Hines has set up a $300-million India-dedicated real estate fund, reports Business Standard. It already has a subsidiary in India called - Hines India Real Estate. According to Yash Gupta, joint managing director, Hines India, the firm can "sponsor projects up to a billion dollars in total value".

Hines opened its India office in March this year. It has already committed undisclosed investment to one project - a city centre spread over 15 acres in Gurgaon in equal partnership with DLF, according to BS. Hines plans to stick to metros and make landmark buildings like it has done elsewhere.

The privately-owned US property developer had said last year that they would invest as much as $1 billion in Indian real estate. Hines Managing Director Daniel MacEachron said that India would be the 14th country where the company would be investing. Hines, which controls assets worth $12.5 billion, plans to invest in residential and commercial property as well as special economic zones.

Hines has built several towers like the Bank of America Center in Houston, the EDF Tower in Paris, and Harris Bank Complex in Chicago.

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US Property Developer Hines To Invest $1 Billion In Indian Realty, SEZs