ICICI Venture has fully exited its TSI Venture India Pvt Ltd, a real estate investment company it formed with the US real estate developer Tishman Speyer, reports Reuters. ICICI Venture will sell its 50 percent stake in the company to its partner Tishman Speyer, thereby making it the sole owner. TSI Ventures was a 50:50 joint venture between the US-based global real estate developer Tishman Speyer and ICICI Venture.
However, Tishman Speyer and ICICI Venture would remain equity partners in TSI’s three current projects, Reuters reports, quoting the ICICI Venture statement. Also, “both companies remain open to investing together in Indian real estate in the future”, the report further quoted ICICI Venture as saying.
TSI Ventures India has a $700-million fund for taking up infrastructure projects in India. In 2007, TSI Ventures announced its 18-storeyed project named WaveRock. It was to be built in three phases, and in accordance with the requirements of LEED (Leadership in Energy and Environmental Design) rated building.
TSI Speyer has built buildings such as Rockfeller Centre (New York), Sony Centre (Berlin) and MesseTurm (Frankfurt). ICICI Venture invested in the company in 2006.