A group of private equity investors led by Lehman Brothers, ICICI Prudential and HDFC are investing $150 million (Rs 600 crore) in the Lodha Group. The investment is to fund three of the Lodha Group?s projects which will include two new residential projects, one each in Napean Sea Road and Worli in Mumbai, which the Group is planning to set up apart from a residential-cum-commercial project in Hyderabad, which is under construction. The deal will be signed later this month, according to company sources.
In 2007, the Lodha Group has received $425 million (about Rs 1,700 crore), probably the highest investment in a city-based developer, from a group of private equity investors led by Deutsche Bank Singapore. The investment was to fund three of the Lodha Group?s FDI-compliant projects in and around the city.
Global investment bank JP Morgan had invested Rs 274 crore in Lodha Bellissimo, a premium residential building, developed by Lodha Builders at the defunct Apollo Mills campus in Lower Parel in East Mumbai. Spread over a developable area of 20,000 sq m, each of the 3000-4,000 sq ft flat in the 57-storey building now costs Rs 25,200 a sq ft.