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Malaysian consortium to raise funds in India
27 November 2009: Malaysian conglomerate Ascenteus Holdings is planning to raise $40 - $50 million (approx Rs 185 crore - Rs 235 crore) via the private equity route in India to part-fund its $400 million (approx Rs 1,840 crore) mega residential project coming up in Kuala Lumpur.
The proposed residential project comprising of condominiums and a clubhouse is being developed by Ascenteus in partnership with the Malaysia Government.
Ascenteus Properties, the property development arm of Ascenteus Holdings, has formed a SPV along with the Malaysia Government to implement the project. The company holds 70 per cent of the total equity in the project, with the Malaysia Government owning the rest.
The company is reportedly on a look out for investors in India to participate in the project.
Of the total cost, the development cost alone will be about $200 million (approx Rs 920 crore). An additional $150 million will be spent on the processing, procurement, due diligence and acquisition of permits from different government agencies in Malaysia.
Source: Business Standard