Delhi-based realty firm Vatika raises Rs 1,000cr

Vatika Group, a Delhi-based realty firm, has divested 10.75% to raise $250 million (Rs 1,000 crore) from Wachovia Bank, Baer Capital and Goldman Sachs. This takes the valuation of Vatika to Rs 9,300 crore.
The disbursement of funds has already commenced and the complete infusion will be completed by the end of the first quarter of 2008.
"The present infusion of funding into the company will help us in adding value to our existing projects, further consolidation of our land banks and acquisition of new projects at other locations in the country," said Gaurav Bhalla, director, Vatika Group.
The group’s diversified real estate portfolio, with an estimated valuation of Rs 8000 crore, comprises group housing, corporate office complexes, IT parks and SEZs, retail complexes and integrated townships in Gurgaon, Ambala and Jaipur spread over approximately 2000 acres.
The company also expanded its hospitality business by recently partnering with Starwood Hotels and Resorts Worldwide Inc for their super luxury 5 star brand - Westin. Having just opened the luxury Westin Spa and Resort at Sohna which is built on 35 acres, the group proposes to add another 1000 rooms under the Westin brand in Gurgaon, Jaipur and Bangalore between by 2010.
The hospitality operations of the company include business centers in Gurgaon, Hyderabad and Pune - with more to follow in Bangalore, Chennai and Noida.
The company is planning its maiden public issue in 2009.

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