MSL to invest $200 mn in Indian realty projects

Written by Agencies | New Delhi, August 28: | Updated: Aug 29 2008, 00:27am hrs
Singapore-based private equity firm Millennium Spire Ltd on Thursday announced 200 million dollar investment in real estate projects in India next one year.

"MSL envisages to invest 200 million dollar in real estate projects in the national capital region and Coimbatore in mix use complexes, IT parks, residential and commercial areas in the next 12 months," MSL Managing Director Ashish Bhalla said.

The company also announced the launch of Spire Edge, an IT Park in Manesar near the national capital.

Spire Edge, a 50:50 joint venture between MSL and A N Buildwell, is likely to be completed in next three years, Bhalla said.

"We will invest 20 million dollar in the Rs 400 crore Spire Edge project in which money would also be raised from overseas (if required) apart from the investment of promoters," he said.

The IT park will be spread over 1.6 million square feet of scalable eco-office complex with an energy saving capacity up to 30 per cent.

The company envisages to invest up to one billion dollar in the next four years in the realty sector and would build university-based townships.

"We have much larger plans. We are in talks with various state governments as we want to set up projects in public-private-partnership mode including setting up university based townships," he said.

The company also unveiled 'Spire World', its maiden platform to 'drive development of mainstream green projects.