The Sun Group, a private firm that raises funds, and Qatar's Barwa Real Estate have established a 50-50 joint venture company targeting Indian real estate.
The Sun-Barwa Land Partnership will buy and develop land banks in high growth corridors in India, it said.
The parties said they had sought approval from India’s Foreign Investment Board in order to “aggregate, acquire, hold and develop” Indian land banks.
Sun is an Indian private equity firm principally owned by the Khemka family, who have been active in emerging markets including Russia.
“Barwa brings significant expertise in infrastructure and real estate development and an established network of investment capital from Qatar,” said Nand Khemka, chairman of Sun, in a statement.
The collaboration with listed Qatari real estate company Barwa comes two years after Sun raised $630 million (€497 million) for the Sun-Apollo India Real Estate Fund to invest in the country. That fund was raised in a joint venture with Apollo Real Estate Advisors.
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