IL&FS Investment Managers, India’s only listed private equity fund, has acquired 9.4% shareholding in an Indiabulls’ firm that is developing the 8.3-acre Bharat Mills at Worli in south central Mumbai.
In an obvious chain of patronage IL&FS, the company which gets the contract opts for Sanganer project Rajasthan from where Arvind Mayaram’s mother Indira Mayaram has been contesting Assembly elections and Mayaram and family has farmland there.
The IL&FS has LIC of India, State Bank of India, Central Bank of India, HDFC Bank as prominent shareholders. As per the reports IL&FS owned 4.05 per cent stake in Shahid Balwa’s DB Realty.
At a time when investigations into the “mother of all scams” the 2G spectrum allocation scam allegedly by former telecom minister A Raja and owners of some telecom firms are in full swing and the Apex Court is monitoring the investigations, it has come to light that the Rural Development Ministry has been awarding projects to a major infrastructure and finance company, IL&FS which had invested in the scam tainted DB Realty.
Shriram Properties, which wants to refinance projects under development and acquire distressed real estate assets may get $125 million PE fund by private equity arms of JP Morgan, IL&FS and Morgan Stanley.
The Ministry of Rural Development has decided to get the names of the companies IL&FS Ltd, Infrastructure Kerala Ltd, Marg Ltd, Megha Engineering Infrastructure Ltd and Seri Infrastructure Finance Ltd cleared from the Ministry of Corporate Affairs.
Realty firm Ansal API is looking at a fund infusion of about Rs 500 crore from a host of private equity investors, including IL&FS Investment Managers and Red Fort Capital, for its ongoing construction work in north India.