Madhucon Projects Ltd, a Hyderabad-based road developer, plans to sell at least 74% stake in Madhucon Agra–Jaipur Expressways Ltd to IDFC Alternatives, the private equity (PE) arm of IDFC Ltd. Madhucon Agra-Jaipur Expressways is a BOT project along National Highway (NH) 11 and connects NH 8 with NH 2, which are part of the Golden Quadrilateral.
Brick Eagle Capital Group, a private equity and land-banking firm that funds and advises low-cost housing developers, plans to raise $100 million from offshore investors primarily to acquire 1,000 acres of land in and around Mumbai this year. The company has already lined up land parcels it wants to invest in, mostly in Greater Mumbai.
Tata Group’s real estate arm, Tata Housing Development, has launched a luxury residential project in the northeastern suburb of Mulund. The project, Gateway Towers, is spread across 8.5 acres and is part of a `2,000 crore, 19-acre, redevelopment project. Six luxury residential towers from 31 to 41 storeys will come up in the zone. The project is in line with the company’s strategy of creating marquee projects in major metros. The towers are designed by Callison and construction is expected to be completed in four years.
Asian Development Bank will provide $275 million loan for improving rural road connectivity in five states in the country.
The loan is the second tranche of a $800 million financing facility under the Rural Connectivity Investment Programme. It will help construct 3,693 km of all-weather rural roads in these states, benefiting nearly 1,800 rural habitations.