One of the investment companies of ICICI Prudential is set to buy 40 per cent in a residential project of the Ansal API group in Ghaziabad, said investment banking sources.
Though the exact investment by ICICI Pru could not be ascertained, sources said it could be over Rs 100 crore. The residential project is part of Ansal API's township project, Aquapolis.
The project will be hived off into a joint venture in which Ansal Landmard, a group company of Ansal API, and an investment arm of ICICI Pru will be partners, sources said.
When asked Ansal API's official spokesman refused to comment.
Ansal API is bringing in investors to fast-track the completion of its projects, which were delayed due to the earlier slowing of the real estate sector. In June 2008, HDFC Asset Management Company invested in Megapolis in Greater Noida, which was marketed as a high-tech township.
Source: Business-standard By Raghavendra Kamath ICICI Pru arm to take 40% in Ansal realty project in Gzb
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