Mangalore based real estate developer Mohtisham Complexes has diluted 50% stake in its 300-acre upcoming township Mohtisham Estates for Rs 620 crore, according to a report in Economic Times. Oman Sovereign fund has taken the stake in the project, which is an integrated township to be developed on the Mangalore-Bangalore highway.
The investment would flow into the project in a phased manner or a one time flow of the total amount, said the report.
The company plans to start the project in early next year and is likely to complete the same over eight years. The first phase of the project is expected to complete in three years. The township will have residential units, a mall, schools, hotel and a special economic zone. Mohtisham is a nearly two-decade-old realty player with presence in the Arabian Gulf.
India has seen a lot of interest from the gulf region in its real estate and infrastructure sector. In July 2008, Bahrain-based Khaleeji Commercial Bank has formed its investment fund, Global Logistix Navi Mumbai Investment Company, with a target capital of $430 million. The fund was established to invest in India’s first integrated logistics city project on a 400-acre site in Navi Mumbai.
Prior to that, in October 2007, Gulf Finance House committed $630 million for Energy City India, an infrastructure project being set up in Navi Mumbai, Maharashtra. In March 2008, Abu Dhabi Investment House (ADIH) also announced the launch of India Entertainment City (IEC) fund, which is financed through a $400 million Sharia-compliant fund.
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