City Corporation Raises US$21.8 Million from IL&FS PE for Its Future Towers Project (Asia)

Source: VCCircle  |  Author: Pooja Sarkar

India-based private equity fund manager IL&FS Investment Managers Limited (IIML) has invested INR1.2 billion (approximately US$21.8 million) in City Corporation, an Indian real estate developer. The capital will be used to finance the construction of a residential project, Futura Towers. The project is reportedly valued at INR2.5 billion, suggesting a 48 percent ownership stake for IIML.