Supertech to raise Rs 1,000 cr through PE this year

NEW DELHI: Realty firm Supertech plans to raise Rs 1,000 crore this year through private equity to fund ongoing projects and is in discussions with a few firms.

In 2013, Supertech had raised Rs 280 crore from PE firm Xander for its upcoming township project in Gurgaon. Before that, it had raised Rs 100 crore from Walton Street Capital for mixed-use project 'Supernova' at Noida.

"We are planning to raise Rs 1,000 crore through private equity this year. We are in discussions with few private equity firms," Supertech Director Mohit Arora told PTI.

It is in talks with Xander as well to raise additional funds, he said, adding that "the funds would be utilised for our ongoing projects".

The Noida-based firm is developing projects spread over 90 million sq ft and are worth Rs 18,000 crore. The company is in expansion mode.

Supertech recently launched a new housing project in Noida with an investment of Rs 1,350 crore over the next three years. The company would construct 1,800 flats in the project, which is spread over 17.5 acres.

It also announced foray into the education sector by deciding to set up an University in Uttarakhand with an investment of Rs 750 crore.

Supertech University, to be set up on 47 acres near Rudrapur in Udham Singh Nagar district, will start functioning from December this year. The regular courses will start from mid-2015 session

The company has presence in Noida, Greater Noida, Gurgaon, Ghaziabad, Meerut, Moradabad, Haridwar, Rudrapur and Bengaluru.