Report: PE firms invest in Indian property developer

Prudential Corporation Asia, Warburg Pincus and other undisclosed firms are reportedly investing $300m in Bangalore-based property developer MetroCorp. The developer is targeting 6,000 acres in India.

US private equity firm Warburg Pincus and Prudential Corporation Asia, the business arm of financial services group, Prudential, are reportedly among the firms investing $300 million (€219 million) in The MetroCorp Group, a two-year old property developer.

The company has tied up with landowners to develop more than 6,000 acres across India, according to India’s Business Standard. MetroCorp is in discussions with various private equity funds, chairman and chief executive Deepak Krishnappa said in the report. A spokesman for MetroCorp declined to comment to PERE.

MetroCorp is currently developing three projects and has 21 more lined up across India covering residential and commercial sectors, integrated townships and special economic zones.

A spokesperson for Warburg Pincus declined to comment on the deal, while Prudential Corporation Asia was not available for comment at press time.