India: KKR commits $30m in Kolte-Patil’s township

A boy plays on a swing suspended from a tree in front of a residential estate under construction in Kolkata October 31, 2011. REUTERS/Rupak De Chowdhuri

KKR and Co. has committed Rs193 crore for a township project being developed by a joint venture between Pune-based Kolte-Patil Developers Ltd and ICICI Venture Funds Management Co. Ltd.

Kolte-Patil I-Ven Townships (Pune) Ltd (KPIT), the joint venture firm, is currently developing Life Republic, a 383-acre township at Hinjewadi, an information technology (IT) hub in Pune. The overall development area of the township is around 24 million sq. ft.

The company said the fund would be utilised to attain financial closure at R1 sector, one of the phases of the township, meet working capital requirements and reduce the cost of outstanding debt attributable to the development.

“We will utilize KKR’s capital to further expand our focus on efficient execution that we see translating into improved demand from customers and strong project dynamics for all other stakeholders,” said Gopal Sarda, group chief executive at Kolte-Patil Developers Ltd.

R1 sector is spread across 11 acres and has development potential of 1.45 million sq. ft. Of the total, the company plans to build 1 million sq. ft comprising around 1,350 housing units in the next five years.

“Pune is a prominent real estate market in India with sustainable demand drivers. We are pleased to partner with Kolte-Patil, a leading developer in Pune, and believe that our long-term capital commitment to Life Republic will contribute to its continued success as a high-quality township development,” said Ashish Khandelia, director, (real estate) KKR.

This story was first published on Livemint

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.