Puranik Builders has raised Rs. 300 crore from global private equity firm KKR to fund two residential projects in Pune.
“Puranik has signed a definitive agreement with KKR, under which the developer will receive Rs. 300 crore for the financing of two residential projects in Pune — Abitante and Aldea Espanola,” the company said in a statement.
“We consider this Rs. 300 crore funding as growth capital, which will enable Puranik to achieve exponential growth,” the company’s Managing Director, Shailesh Puranik, said. KKR finances projects from its real estate-focused non-bank finance company (NBFC), a vehicle which counts GIC of Singapore among its partners.
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“We believe that the residential market in Pune area offers compelling opportunities. We look forward to extending our relationship with Puranik and exploring opportunities with the group in future,” KKR’s director, Yesh Nadkarni, said.