HDFC Sponsored Funds invests $54 million in Lodha Group

HYDERABAD: Mumbai-based Real Estate Development Group, Lodha has announced an investment of USD 54 million (Rs 250 crore) for the development of the group's luxury residential and commercial project in the city. HDFC Sponsored Funds will pick up a 45 per cent stake in in this, a Lodha Group release said here. Investment by HDFC Sponsored Funds will be the fourth investment in the group by a Private Equity Company making the investments by PE firms in excess of Rs 2,400 crore.

Abhinandan Lodha, Director, Lodha Group said, "We have been on an aggressive growth path and this partnership combines HDFCs vision with our expertise. This significant partnership will further strengthen our relationship with HDFC, who are India's financial institution in Real Estate. Lodha Group, late last year won an auction of 12.9 acres of prime land located at Eden Square, here from the Andhra Pradesh Housing Board for Rs 256 crore.

The Group has plans to develop a luxury township offering over 2.5 million sq ft of plush residential and commercial real estate. In September 2007, Deutsche Bank Singapore invested USD 410 million in three FDI compliant projects of the Group making it the single largest FDI in the real estate sector in India, the release added.