Mumbai, Dec 28: Kolte-Patil Developers, a leading real estate company, has announced that global investment
firm KKR has committed Rs 1.93 billion in Kolte-Patil I-Ven Townships
(Pune) (KPIT), a
Joint venture of Kolte-Patil and ICICI Venture
Funds Management Company. KPIT is developing Life Republic, a
383-acre township located in Pune's IT hub, Hinjewadi.KPIT will utilize the funds from this investment to attain financial closure at R1 sector of Life Republic, meeting working capital requirements and reducing cost of outstanding debt attributable to
the development.
Gopal Sarda, Group CEO, Kolte-Patil Developers said, "At Life Republic, we are developing a full-amenities township focused on Hinjewadi's digital economy workforce. With our new partnership, we
see this landmark project accelerating further to meet the rising aspirations of middle-income home buyers. We will utilize KKR's capital to further expand our focus on efficient execution that we
see translating into improved demand from customers and strong project dynamics for all other stakeholders." UNI
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