Chicago-based Walton Street Capital has made a $100 million (€69 million) investment in Bangalore-based property developer Shriram Properties, picking up an undisclosed stake in the company, according to local press reports.
Shriram Properties, the real estate division of the Shriram Group, plans to use the funds for developments in north and west India within the next year. Shriram currently has operations across India in cities such as Chennai, Kolkata, Mysore, Coimbatore and Bangalore. Its developments range from apartments to IT parks to townships and luxury homes.
The news comes just days after it was reported that Canada’s biggest pension fund manager, Caisse de depot et placement du Quebec, was looking to spend C$1.6 billion ($1.7 billion; €1.2 billion) on real estate in India in the next five years. SITQ, the office building unit of Caisse, will work with local partners in India, most likely focusing on cities such as Mumbai and Hyderabad. This marks the pension fund manager’s first foray into the country.
Considerable investment capital has flowed into India in the past few months. In October, JP Morgan committed $25 million to an IT park development in Navi Mumbai through its $360 million India-focused investment vehicle. The Blackstone Group also announced in August it was investing $150 million in Nagarjuna Construction Company, the third largest construction company in India.