Nand Khemka-promoted Sun Group and the Qatar's Barwa Real Estate have formed a 50-50 joint venture land bank company named Sun-Barwa Land. Sun-Barwa plans to obtain FIPB (Foreign Investment Promotion Board’s) approval to invest in Indian real estate market. Sun Group and Barwa together will raise capital from Qatari and Middle Eastern investors.
Barwa is part of the diversified BARWA Group of Qatar, and a leading principal investor and private equity fund manager in India and other emerging markets.
Ghanim Bin Saad Al Saad, Chairman & Managing Director of BARWA Real Estate, said: "It was part of our strategy to enter the Indian market that has, despite its correction, strong fundamentals and solid growth parameters."
He added that the conditions in Indian market are conducive to the investments. He said: "We expect that prices would undergo correction.The Indian real estate market thus promises to offer immense long term returns for investors and developers".
Delhi-based Sun Group - promoted by the Khemkas - is a leading principal investor and private equity fund manager in Russia, India and other emerging and transforming markets. The founder of SUN, part of an Indian family group active in India for more than 100 years, first started working with Russia in1958. They are also a leading investor or a limited partner in Sequoia Capital India's initial funds. They are active in areas such as Oil & Gas, Mining, Real Estate, Infrastructure, Food & Beverage and Technology.