US financial major JPMorgan Chase & Co is picking up 33 per cent stake in a real estate special purpose vehicle (SPV) of Alok Infrastructure for Rs 150 crore ($35 million). The SPV will develop a real estate project at a prime location in Mumbai as Alok Infra has bought land in several areas of Mumbai in the last one year, reports The Economic Times, quoting sources. The company had also acquired 130 acres at Panvel at the rate of Rs 25 lakh per acre in a 50-50 joint venture.
Alok Infra is the wholly owned subsidiary of Mumbai-based Alok Industries, which is into textile and retail. The company had been interested in diluting some equity it owns in its unlisted unit, Alok Infrastructure. The company is planning to raise Rs 600 crore to develop its large landbank and may go in for more funding.
Alok Infra is also developing over 180 acres in its textile SEZ in Silvassa. Alok Infra has also acquired 50 per cent stake in Ashford Infotech, which would develop a million sq ft of space in a Mumbai suburb for Rs 400 crore.
Alok Industries reported a net sales of Rs 2,159 crore and net profit of Rs 200 crore for the fiscal year 2007-08. The company has also recently received an ECB facility of $25 million from Netherlands Development Finance Corporation FMO.
JPMorgan Chase & Co has earmarked $750 million for private equity investments in Asia. Earlier this month JP Morgan Chase had acquired four per cent stake Delhi-based real estate firm Business Park Town Planners’ Limited for Rs 250 crore. It has also invested Rs 60 crore in PVR Pictures Ltd.