To raise Rs 193 crore from global investment firm KKR, a Kolte-Patil I-Ven Townships (Pune) (KPIT) a joint venture company of Kolte-Patil Developers’ has entered into an agreement with KKR. The said company is a joint venture between Kolte-Patil and ICICI Venture Funds Management Company.
Ashish Khandelia, Director, Real Estate, KKR, said: “We look forward to extending our relationship with Kolte-Patil and exploring more opportunities with the group in the future.”
The company will be utilizing the funds to attain financial closure at R1 sector of the project, for working capital and reducing the cost of debt. The company is developing Life Republic, a 383-acre township located in Pune’s Hinjewadi area, Kolte-Patil said in a release.
With the aid of various modes, the company had earlier approved raising up to Rs 500 crore via issue of non-convertible debentures (NCDs), equity shares or any other convertible securities.