Madison India Real Estate Fund to put $6 million in Shriram Land Project

Bangalore-based real estate developer Shriram Land Development India Ltd is raising $6 million from Madison India Real Estate Fund Limited for its recently launched residential project, VCCircle reports, citing sources. Madison India Real Estate Fund is managed by Madison Advisors Limited and its Indian advisor is Paracor Capital. Shriram land has two ongoing projects which includes a 30 acre gated community in Sarjapur and another 12 acre plot development at Meesaganahalli, both in Bangalore. According to the company's website, it has plans to commence residential projects at Chennai, Bangalore and Hyderabad. It also has industrial plots in Hyderabad. Ramesh Dasari, vice-president-legal and company secretary, Shriram Land, said, “We are governed by confidentiality agreement with our stake holders and we cannot share any information.” M Murali, the managing director of Shriram Properties, the real estate arm of diversified Shriram Group, has a personal stake in Shriram Land. A senior official at Paracor Capital Advisors, said, "the transaction is not yet completed." Bangalore-based boutique advisory firm Sprout Capital Advisors is in the deal, a person with knowledge of the deal said. Sprout Capital declined to comment on the transaction citing non disclosure agreement. Madison India Real Estate Fund Limited is an India-focused real estate investment fund. It focuses on realty investments in Mumbai, Delhi NCR, Bangalore, Chennai and Hyderabad besides tier II cities surrounding these larger metros. It pursues deals in hotels & hospitality, residential apartments and townships, commercial office space and retail malls and shopping centers. It also looks at investment opportunities in segments such as distribution centers, warehouses and special economic zones besides allied areas like infrastructure. For Shriram Land, this is the second round of PE funding. In 2008, Shriram Land it had raised $12million from Samsara Capital to form its land bank in Mysore.

source: http://www.realtyplusmag.com/rpnewsletter/fullstory.asp?news_id=19720&cat_id=1