Salarpuria, Apollo enter into real estate joint venture

BENGALURU: Salarpuria Sattva Group and Apollo Asia RE Singapore Pte Ltd ("Apollo Asia Fund") have entered into a joint venture to acquire 100 per cent stake from a group of offshore investors in two real estate projects here and at Vadodara.

The deal value is Rs 275 crore ($42 million), Salarpuria said in a statement.

It said Apollo Asia Fund's investment was made under the foreign direct investment guidelines.

"We plan to develop these projects as landmark residential developments in Bengaluru and Vadodara and look forward to partnering with Apollo Asia Fund in more Joint Ventures in the future," Salarpuria Sattva Group MD Bijay Agarwal said.

City-headquartered Salarpuria Sattva Group was founded in 1986 and has presence in different cities across the country.

With 18 million sq.ft of spaces completed, 17 million sq. under construction and 30 million more in stages of development and planning, the group plans to venture into more cities in the near future.