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Old July 5 2007, 01:11 PM   #1
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Post Hdil Plans Tie-up With Lehman Brothers

Somasroy Chakraborty, Kolkata
The Hindu Business Line

Housing Development and Infrastructure Ltd (HDIL), the real estate arm of the Wadhawan Group, is likely to partner New York-based Lehman Brothers in the proposed hospitality venture in Mumbai.

According to industry sources, HDIL is in talks with Lehman Brothers Real Estate Partners (LBREP), the real estate private equity fund of Lehman Brothers, to form a joint venture for developing a luxury hotel on Juhu Beach in Mumbai.

DS Corporation, a builder and real estate contractors firm in which HDIL has 45 percent stake, will build the proposed hotel.

According to sources, Kapil Wadhawan, Director of HDIL, was in New York to negotiate the deal.

When contacted, HDIL officials confirmed that Wadhawan was in New York, but refused to say anything further.

"We are planning to rope in an international partner for the proposed hotel. HDIL will have 45 percent stake in the joint venture," a senior Group official said.

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