IL&FS Investment Managers (IIML) is investing Rs 67 crore in Emerald Lands Pvt Ltd, which is part of Delhi-based realty developer Silverglades Group.
IIML, which manages two real estate funds worth over $1.4 billion, is picking up a 28% stake in Emerald Lands Pvt Ltd, which is developing a premium residential project, complete with an 18-hole golf course and villas, in Ludhiana.
An email sent to Archana Hingorani, CEO & executive director of IIML, did not elicit any response at the time of publishing this story. When contacted by VCCircle, an official from Silverglades also declined to comment.
The Emerald Lands project is coming up across a 270-acre patch along the Ferozpur Road, 30 minutes drive from Ludhiana city centre. The project will consist of residential villas and apartments with built up areas totalling over 2.5 million square feet. The project is being developed in collaboration with Israel's Brack Capital, an investment firm.
IL&FS Financial Services Ltd was the banker to the transaction. Silverglades has developed projects like Classic Golf Resort (Gurgaon) and Jaypee Greens (Greater Noida). It has several projects underway in Gurgaon.
IIML raised IL&FS India Reality Fund 2 at $895 million in late 2008. It has invested in real estate companies like ETL Infrastructure and QVC Realty from its previous funds.