Kolte-Patil Developer Ltd has announced that global investment firm KKR has committed Rs. 193 crore in Kolte-Patil I-Ven Townships (Pune) Limited (KPIT), a joint venture of Kolte-Patil and ICICI Venture Funds Management Company Limited. 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 Devefopers Limited said, “With our new paftnership,we see this landmark project accelerating fufther 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,”.