Bangalore’s Bearys group in talks with PE players for funds
Bangalore-based Bearys Group is scouting for a partner to raise around USD 350 million to fund its two Special Economic Zones (SEZ) in Bangalore and Mangalore, besides a few other projects, a top official said.
“We are holding talks with several private equity players in the overseas market to mop up USD 350 million to fund our SEZs and other projects. Talks are in advanced stages and we hope to finalize one partner in the next 3 to 4 months,” Bearys Amanah Investment’s CEO, Shariq Nisar, said.
Bearys Amanah Investment is the real estate investment arm of the Rs 2,000-crore Bearys group.
The UBS Group of Switzerland, Dubai Islamic Bank and Gulf Investment House are some of the entities the Bearys group is negotiating with, Nisar said.
All these groups are Shariah-compliant and qualify to invest in our projects, he said.
A Shariah-compliant investor has to ensure that the route through which he is entering the market is compliant with the precepts of the Shariah.
He must also ensure that what he invests in is and should remain Shariah-compliant, at least till the time the investor remains invested in the project.
“We are also in advanced stages of negotiations with the Saudi Economic and Development Company (SEDCO) for the second tranche of the Rs 800-crore funding for our IT park at Bangalore,” Nisar said.
The company, which has already received one tranche of Rs 300 crore funding, has hired JLL Jones Lang Lasalle, an international consultancy firm, to conduct negotiations on its behalf.
The Bearys Group has interests in real estate, education and Islamic finance.
In addition, it is also developing a retail, housing and commercial complex in Hyderabad, besides a shopping mall in Udupi.
With a total land bank of some 300 acres, the company has eight infrastructure projects, mainly in South India.
Courtesy: http://economictimes.indiatimes.com/
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