2 posts tagged “location: coimbatore”
BS Reporter / Bangalore October 31, 2007
Shriram Properties, a Bangalore-based property developer, has raised $100 million by selling a minority stake to Walton Street Capital, a US- based real estate private equity fund having assets worth $14 billion, to develop real estate projects in India.
Shriram Properties is part of the diversified Rs 25,000 crore [Note: Rs 1 crore = Rs 10 millions] Shriram Group, and plans to utilise the funds to build land bank in north and west of the country.
The company, which began operations in 1995, has so far completed five million square feet of properties in Bangalore, Chennai, Hyderabad and Coimbatore.
According to M Murali, Managing Director, Shriram Properties, "the money raised will be utilised to buy land in Gurgaon and Pune. The funds are to be invested in less than one year."
"The investment of Walton Street Capital is an extension of our relationship we had in taking up the development of the Hindustan Motors factory land in Kolkata through a special purpose vehicle (SPV)," he added.
Jeffrey Quicksilver, founding partner of Walton Street Capital, said: "The company believes in partnering with strong local companies in each market we enter, and believe that Shriram Properties has built a team and portfolio of projects with potential. We look forward to working with Shriram Properties to develop the current projects and also to execute on an expansion plan to increase footprint across India."
Country’s largest software exporter Tata Consultancy Services on Wednesday said it will double its headcount to 50,000 at its Chennai office in a couple of years.
Presently, the company’s employee strength in Chennai is 24,000 which would go up to 50,000 in the next two years, TCS Chief Operating Officer N Chandrasekaran told reporters.
The company also plans to open development centres in the suburbs of Siruseri and Coimbatore, besides satellite centres in Tier II cities.
He said around 10 acres of land has been acquired by TCS at the Tidel park in Coimbatore.
