Mr.Girish Puravankara lures Kotak, others for $100m

Kotak Private Equity and other leading private equity funds are in talks to pump in toughly $100 million to start-up firm LGCL, a break away unit from southern realty developer Puravankara Projects(PPL).

Kotak Private Equity and other leading private funds are in talks to pump in roughly $100 million into start-up firm Lalith Gangadhar Constructions (LGCL), a break away unit from southern realty developer Puravankara Projects (PPL). The Bangalore headquartered company, promoted by Girish Puravankara, experts to launch its first project in mid-2008.

We are looking at a pan-India presence in a year’s time and plan to launch multiple projects in various cities over the next 12 months. The target is to launch about 1-million sq ft of real estate under development by then” said Girish Puravankara, MD, Lalith Gangadhar Constructions.

Girish Puravankara was a founder deputy managing director and part of the promotor family behind the listed Puravankara Projects (PPL), which has a significant presence in the South.

While Mr.Puravankara did not divulge the names of PE firms looking to invest in his company, an industry source said that Kotak Private Equity Group (KPEG) was among the front-runners.

In context it must be mentioned that global investors like Merrill Lynch, Citigroup and Lehman Brothers have been looking at backing relatively smaller and newer players in the Indian real estate market. Earlier this year, IL&FS invested $100 million into seriel entrepreneur Prakash Gurbaxani promoted QVC Realty, another Bangalore based start-up.

In many cases these inverstors inject liquidity even in the form of debt to help small to midsize companies acquire attractive land banks kick-off specific developments. LGCL expects t o launch two projects in Bangalore, a high-end residencial development and a commercial project located within the city. “We have identified land for these two projects and expect to acquire the same in a few months time, once we have our funds in place. Hyderabad, Chennai, Coimbatore and Pune are next in line are we are i process of identifying land in these cities. Plans for North India are in the initial stages as of now,” said Mr.Puravankara.

According to him, the LGCL team will handle conceptualists. Complete project-design and on-site construction would be outsourced. “LGCL’s role would be to acquire land. We will rope in leading architects to work on a concept for a said property, after which a contracter would be appointed to construct as per plans. My team will monitor the construction work on regular basis” added Mr.Puravankara.

Girsh purvankara economics times

Mr.Girish Puravankara lures Kotak, others for $100m

Kotak Private Equity and other leading private equity funds are in talks to pump in toughly $100 million to start-up firm LGCL, a break away unit from southern realty developer Puravankara Projects(PPL).

Kotak Private Equity and other leading private funds are in talks to pump in roughly $100 million into start-up firm Lalith Gangadhar Constructions (LGCL), a break away unit from southern realty developer Puravankara Projects (PPL). The Bangalore headquartered company, promoted by Girish Puravankara, experts to launch its first project in mid-2008.

We are looking at a pan-India presence in a year’s time and plan to launch multiple projects in various cities over the next 12 months. The target is to launch about 1-million sq ft of real estate under development by then” said Girish Puravankara, MD, Lalith Gangadhar Constructions.

Girish Puravankara was a founder deputy managing director and part of the promotor family behind the listed Puravankara Projects (PPL), which has a significant presence in the South.

While Mr.Puravankara did not divulge the names of PE firms looking to invest in his company, an industry source said that Kotak Private Equity Group (KPEG) was among the front-runners.

In context it must be mentioned that global investors like Merrill Lynch, Citigroup and Lehman Brothers have been looking at backing relatively smaller and newer players in the Indian real estate market. Earlier this year, IL&FS invested $100 million into seriel entrepreneur Prakash Gurbaxani promoted QVC Realty, another Bangalore based start-up.

In many cases these inverstors inject liquidity even in the form of debt to help small to midsize companies acquire attractive land banks kick-off specific developments. LGCL expects t o launch two projects in Bangalore, a high-end residencial development and a commercial project located within the city. “We have identified land for these two projects and expect to acquire the same in a few months time, once we have our funds in place. Hyderabad, Chennai, Coimbatore and Pune are next in line are we are i process of identifying land in these cities. Plans for North India are in the initial stages as of now,” said Mr.Puravankara.

According to him, the LGCL team will handle conceptualists. Complete project-design and on-site construction would be outsourced. “LGCL’s role would be to acquire land. We will rope in leading architects to work on a concept for a said property, after which a contracter would be appointed to construct as per plans. My team will monitor the construction work on regular basis” added Mr.Puravankara.

Girsh purvankara economics times

ENTER SEVENTH HEAVEN ON EARTH

LGCL ENTER SEVENTH HEAVEN ON EARTH

ENTER SEVENTH HEAVEN ON EARTH

Anil Kumar and Byusha Anil Kumar

LGCL Anil Kumar and Byusha Anil Kumar

Anil Kumar and Byusha Anil Kumar

OPEN DOORS TO A NEW WORLD OF LEISURE

LGCL OPEN DOORS TO A NEW WORLD OF LEISURE

OPEN DOORS TO A NEW WORLD OF LEISURE
Click here to chat

Copyright LGCL. All rights reserved

Terms & conditions privacy policy DESIGN: DNM

CIN: U45201KA2007PTC043903