Date:16/02/2007 URL: http://www.thehindubusinessline.com/2007/02/16/stories/2007021606580300.htm

Back Evolvence India to invest in real estate in tier II, III cities

Deepak Goel

The details
The company is scouting for large construction projects.
Evolvence India is a platform promoted by Evolvence Capital, a Dubai- based firm focused on alternative investments.

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New Delhi Feb. 15 With the real estate sector in the country holding out rich investment opportunities, private equity firm Evolvence India is scouting for construction projects to park part of its funds. The company is eyeing large township models in tier II and tier III cities.

"We are looking at a couple of large iconic projects for investing. A final decision will be taken in the next few weeks," said Mr Jay V. Jegannathan, Managing Director, Evolvence India.

To kick-start the process, the company will make in investment of $200 million. The company is on the look-out for long-term projects. "We are going by quality of projects that will not be developed in one night but over longer period of 5-7 years," said Mr Jegannathan.

Unlike Evolvence's investment in Delhi-based Emaar-MGF and Chennai- based Consolidated Construction Consortium Ltd (CCCL) where it picked up equity, the investment in these townships will only be project specific.

Evolvence had made an investment of $41 million and $12 million in Emaar-MGF and CCCL respectively.

The Evolvence India Fund (EIF), a fund of funds focused on private equity, real estate development and infrastructure in India, was incorporated in Mauritius in 2005. The Fund has capital commitments from investors domiciled in the GCC countries, the US and Europe.

Evolvence India is a platform promoted by Evolvence Capital, a Dubai- based firm focused on alternative investments. Like its parent, Evolvence India targets high growth niche areas in the Indian alternative investment space and creates investment products for global investors.