MUMBAI: A fund management company set up by promoters of the Ahmedabad-based Arvind Group has floated a realty fund with a target of raising Rs 200 crore. The fund floated by Ampulus Capital Advisors, will focus on investing in residential projects in Gujarat.
The fund has already raised Rs 100 crore with the promoter's share being Rs 25 crore, which it hopes to start deploying from 2013 onwards. The fund closes in September.
"The fund has set an IRR ( internal rate of returns) of 25-30%. Our primary focus is on high-growth areas of Gujarat, primarily Ahmedabad, Baroda and Surat. We are also bullish on Bengaluru," said Anuranjan Mohnot, CEO of Ampulus, speaking on the sidelines of a CII real estate seminar. The fund is also looking to invest in brownfield redevelopment projects in residential and commercial projects in Mumbai.
According to Mohnot, Gujarat has huge investment potential as it is one of the fast growing urban states. Besides Ampulus, Kotak Realty Fund also plans to raise $350 million, or about Rs 1,866 crore, through foreign investors which will invest primarily in residential projects.
Source:timesofindia.indiatimes.com
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