News Point: Salarpuria Sattva Group and Apollo Asia RE Singapore Pte Ltd (Apollo Asia Fund) have entered into a Joint Venture.
The Joint Venture has been formed to acquire 100% stake from a group of offshore investors in two real estate projects at Bangalore and Vadodra.
The deal value is Rs. 275 Crores ($42 Million). Apollo Asia Fund’s investment was made under the foreign direct investment guidelines.
Commenting on the deal, Bijay Agarwal, MD, Salarpuria Sattva Group said, “We are delighted to form this Joint Venture with Apollo Asia Fund. We plan to develop these projects as landmark residential developments in Bangalore and Vadodra and look forward to partnering with Apollo Asia Fund in more Joint Ventures in the future.”
Nipun Sahni, Partner at AGM India Advisors said, “We are happy to partner with the Salarpuria Sattva Group for these projects. Given the group’s reputation and proven track record in real estate we believe they are very well positioned to add value to these projects”.
