21-08-07
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Citibank invests Rs 325 crore in real estate major BPTP Ltd
Hong Kong-based CPI Citi Group - investment arm of Citibank - has invested Rs 325 crore in Delhi based real estate major BPTP Ltd to acquire 4-5% stake.
Merrill Lynch also had invested Rs 150 crore in the company's IT Park project in Gurgaon few months back.
The Citibank's investment in BPTP has been done at a valuation of around Rs 8,000 crore. The group is developing a township on 1,500 acre of land in Nahar Par area in Faridabad. Not only the land has been acquired by the company, but the development work is going on full swing. The company has already built a bridge over the canal to connect sector 13 and 14 of Faridabad to the new area under development.
The group is also developing a number of projects in Gurgaon. Besides IT Park, the company is developing residential projects in Sector 10, Gurgaon. It is also implementing projects in Noida and Greater Noida.
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