The Burman family, promoters of one of the country’s top domestic fast moving consumer goods (FMCG) company Dabur India Ltd, has marked its presence in real estate development business outside India and is currently developing realty projects in London, Miami and New York.
Gaurav Burman, a scion of the group running consumer goods maker Dabur India and co-founder of India-focused PE firm Elephant Capital, launched a venture called Elephant London, which was previously called ‘Burman Real Estate’ about three years ago for this purpose.
Going forward, the group plans to revert back to original name ‘Burman Real Estate’.
“We entered this business some years ago and have over Rs 1,000 crore of developments already taking place in London, Miami and New York,” Gaurav Burman, son of VC Burman, chairman emeritus of Dabur India, told VCCircle.
Meanwhile, media agency ANI said that the venture has bought an old movie studio on Cabul Road, which is close to its first project location. Notably, the company is already developing a 25,000 sq ft residential project in the Battersea area of London, which is coming up on a plot that once had an old office building.
The second project is expected to be completed in 18-24 months.
The Burman family also has some real estate exposure in India. VC Burman had joined hands with Singaporean IT park specialist Ascendas in 2008 by floating a joint venture to develop a 70-acre IT SEZ in Gurgaon on Sohna Road. He also owns land on NH-8 which will be developed subsequently.