Bangalore-based Mantri Developers Pvt Ltd said on Friday it has signed a definitive agreement to raise Rs 145 crore from private equity firm KKR & Co Ltd.
The investment is for an ongoing luxury residential project in Bangalore that spans across 1.3 million square feet, the developer said in a statement. Mantri Developers, founded by Sushil Mantri in 1999, has constructed residential and retail projects as well as IT parks and educational institutions. It claims to have built 28 projects so far covering an area of 18 million sq ft while about 23 million sq ft space is at various stages of construction. Sanjay Nayar, CEO of KKR India, said the investment underscores the firm’s confidence in Bangalore’s real estate sector and economic prospects. KKR has exposure to the Indian real estate market through its non-banking finance arm, which was set up in early 2015 with Singapore’s sovereign wealth fund GIC as an investor. KKR also has another debt platform in India through which it invests across different sectors.