Tata Housing, a wholly-owned subsidiary of Tata Sons, on Thursday, announced an investment of Rs.240 crore by U.S.-based Portman Holdings into its luxury housing project in Bangalore. This is the first private equity funding for a Tata Housing project.
In a statement issued here, the company said Tata Housing has raised equity in Promont, which is valued at Rs.240 crore, from Portman Holdings, an Atlanta-based vertically integrated real estate development company and an investment and management company, for a minority stake in the project.
Brotin Banerjee, Managing Director and CEO, Tata Housing, said Portman Holdings clearly recognised the opportunity for long-term and sustained growth in the Indian housing market. Its investment represented a huge endorsement for ‘The Promont’ in Bangalore as an outstanding project.
