Noida based Real Estate Developer – Amrapali Group is raising R220Cr from IL&FS Investment Managers and JP Morgan & Chase for two residential projects in Noida.

IL&FS Investment Managers will invest R100Cr in 20-acre Princely Estate mid-segment apartment project in Noida, while JP Morgan Chase will invest R120CR in its 60-acre Silicon Valley project.

Founded by Anil Sharma, Amrapali group has completed projects spread over more than 100 acres focusing on Greater Noida, Indirapuram and other East Delhi locations.

The group is also planning to raise funds for forthcoming projects in tier-II and -III cities such as Ranchi, Ratlam and Bhillai.

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Amrapali Group recently forayed into the entertainment industry by launching Amrapali Media Vision with its debut film – “Dear Friend Hitler”. Other than real estate, the group is also involved in other industries such as education, healthcare and processed food.

Amrapali Group had earlier raised R90Cr from JP Morgan for its residential project Zodiac and R300Cr from SUN-Apollo Ventures for 200-acre township project in Jaipur.

It was also talking to ICICI Prudential Asset Management Company for an investment of R80Cr, but there is no development on that deal.

A number of real estate developers are looking to raise PE funding to complete their projects due to a slump in residential sales and difficult fund raising conditions from banks.

Other real estate developers seeking PE investment include Chennai based Green Tree Homes and Malabar Builders among others.

http://www.dealcurry.com/20111222-Amrapali-Group-To-Raise-R220Cr-For-Noida-Projects.htm