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Global firms invest $250mn in Vatika Group

Leading realty and hospitality group Vatika on Thursday said here that it had signed an agreement with global investment bank Goldman Sach.

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MUMBAI: Leading realty and hospitality group Vatika on Thursday said here that it had signed an agreement with global investment bank Goldman Sach, US-based private equity investors Wachovia Bank and Baer Capital for an investment of $250 million for new acquisitions and projects across the country.

The Vatika group said in a statement that the international financing institutions, which have already started disbursing the funds, would complete the financing by end-Dec 2008.

The Gurgaon-based real estate company, which has interests in housing, corporate office complexes, IT parks, special economic zones, retail complexes in Gurgaon, Ambala and Jaipur and business centres in Gurgaon, Pune and Hyderabad, will be expanding its operations to Bangalore, Chennai and Noida.

The company, which has expanded its hospitality business by partnering Starwood Resorts and Resorts Worldwide Inc for their luxury brand Westin, proposes to add another 1,000 rooms under the Westin brand in Gurgaon, Jaipur and Bangalore by 2010.

"The present infusion of funding into the company through world's leading financial institutions will help us in adding value to our existing projects, further consolidation of our land banks and acquisition of new projects at other locations in the country" said Gaurav Bhalla, director, Vatika.

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