Zorawar
08-30-2006, 06:42 PM
The promoter of the Rs 2,000-crore-plus Urban Infrastructure Opportunity Fund (UIOF), Anand Jain, has trained his sights overseas. The Mukesh Ambani confidant, enthused by UIOF’s success (it will invest in Indian real estate), is planning to raise another fund from international investors for this sector.
Sources told BW that the target amount to be raised overseas would be $500 million-1 billion.
An e-mail to Jain about this fund went unanswered. UIOF, backed by Reliance Industries, saw large Indian brokerages, corporates and high net worth individuals put in money for the fund that has a tenure of seven years and is targeting an internal rate of return (IRR) of 20 per cent.
UIOF is looking at real estate investment across the board — retail, hotels and large development tenders floated by local authorities. It is also expected to invest in the four special economic zones (SEZs) planned by Reliance Industries (RIL), including Navi and Maha Mumbai and Haryana.
In a presentation to investors, Urban Infrastructure Venture Capital, which is managing this fund, has said that one of its advantages is its relationship with developers and large corporates that should make good deals available to the fund. The new fund, too, is expected to invest in RIL’s SEZs and other domestic real estate and infrastructure projects.
There have been unconfirmed reports that the Mukesh Dhirubhai Ambani group has also invested in this fund. Sources say UIOF is also in advanced talks with some leading international and domestic developers and may start investing in Indian real estate projects shortly.
Sources told BW that the target amount to be raised overseas would be $500 million-1 billion.
An e-mail to Jain about this fund went unanswered. UIOF, backed by Reliance Industries, saw large Indian brokerages, corporates and high net worth individuals put in money for the fund that has a tenure of seven years and is targeting an internal rate of return (IRR) of 20 per cent.
UIOF is looking at real estate investment across the board — retail, hotels and large development tenders floated by local authorities. It is also expected to invest in the four special economic zones (SEZs) planned by Reliance Industries (RIL), including Navi and Maha Mumbai and Haryana.
In a presentation to investors, Urban Infrastructure Venture Capital, which is managing this fund, has said that one of its advantages is its relationship with developers and large corporates that should make good deals available to the fund. The new fund, too, is expected to invest in RIL’s SEZs and other domestic real estate and infrastructure projects.
There have been unconfirmed reports that the Mukesh Dhirubhai Ambani group has also invested in this fund. Sources say UIOF is also in advanced talks with some leading international and domestic developers and may start investing in Indian real estate projects shortly.