DRI India Co. Ltd., the investment arm of Mitsubishi Corporation, has invested Rs 180 crore in an ongoing residential development project of Shriram Group.
Shriram Properties Ltd. and Mitsubishi Corporation have signed an agreement, through which the former has picked up 70 per cent stake in Shriram Park 63, the special purpose vehicle (SPV).
The project is located at Perungalathur on the GST Road near Chennai. Talking about the development, M Murali, MD, Shriram Properties, said, Shriram has already sold of over 25% of the project which has a revenue potential of more than Rs 1,300 crore in the next 3-4 years
Earlier, marquee partners such as TPG, Tata Capital, Walton Street Capital and Starwood Capital had chosen Shriram Properties as its partner.
Murali added: “We are pleased to have a global giant like Mitsubishi as our partner and be part of their maiden investment in the residential sector in India.”
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