Date:22/02/2007 URL: http://www.thehindubusinessline.com/2007/02/22/stories/2007022200471500.htm

Back Och-Ziff to invest $51-m in Nitesh Estates

Our Bureau

Advertisement

Mumbai Feb. 21 Global hedge fund Och-Ziff Capital Management Group has agreed to invest $51 million (Rs 220 crore) for a 25 per cent stake in the Bangalore-based property development company, Nitesh Estates.

The fund inflow will help the company to scale up operations, said Mr Nitesh Shetty, Managing Director of the realty company.

Nitesh Estates, which has a presence in the high-end residential, office, hotel and retail space, will extend its operations to Chennai, Kochi and Kolkata, said Mr Shetty.

The company also has a joint venture special purpose vehicle established with Citigroup Property Investors for developing a 250-room luxury hotel in Bangalore for Rs 450 crore.