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Fire Capital To Invest in $250 Million Township in Nagpur

15 June, 2009

Fire Capital Fund, a real estate PE fund, has formed a venture with the Arcor Group of Nagpur to launch an integrated township in the city. The project, called FIRE Arcor, will see a total outlay of $250 million with the PE fund holding a 75% stake in the project, reports Economic Times. The project will have more than 6 million sq ft of built up area and the township will be called ‘The Empyrean’.

The project is being tipped as the largest FDI promoted project in Central India. The township will be developed by FIRE Arcor Infrastructure Pvt Ltd, a joint venture company formed between Fire Capital and Arcor group. The complete project is expected to be completed over the next six years, with Phase I getting delivered in next  24-30 months.

The Empyrean has been planned by Hong Kong-based architectural firm Aedas and will offer 5,000 residential units. These will include villas, row houses and affordable apartments. The project is also expected to create more than 2,500 jobs, including direct and indirect.

The project is located at Kothewada on the outer ring road, just adjoining the MIHAN project, in Nagpur. Empyrean will also have shops, schools, commercial /office towers, banquet halls, lifestyle based clubhouse, hospital, a hotel.

Fire Capital is managed by Om Chaudhary, who was earlier a partner at Feedback Ventures. The fund has made investments in cities like Chennai, Bangalore, Indore, Jaipur and Ahmedabad.

 


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1 Comment
Avishek . 6 years ago

I have been hearing about MIHAN coming up at Nagpur since 1992. Very little has been achieved on the ground in the last 15 years. This is a ploy being used by politicians to up the land rates in this area, where they have acquired substantial property holding. This project appears to be too ambitious considering the fact that SAHARA township which is coming close by is still struggling since the last 5-6 years. I will not be surprised if this is a ploy to restore the sagging land rates in Nagpur. Hence one should assess the situation carefully.

Fire Capital To Invest in $250 Million Township in Nagpur

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