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Property developer Rustomjee raises $61 million from private equity

Reuters

NEW DELHI (Reuters) - Property developer Rustomjee has raised 3.7 billion rupees ($61.26 million) from The Xander Group, a global emerging markets investment firm, the companies said on Monday.

Xander Investment Management Pte Ltd, the group's private equity real estate arm, will invest in a unit of Rustomjee which is building a 127-acre township on the outskirts of financial capital Mumbai, the companies said in statement.

Mumbai-based Rustomjee, which has built nearly 8.4 million square feet of homes and commercial real estate in the city, will also use the funds to reduce debt.

Xander Group, backed by the Rothschild family, has committed more than $2 billion of capital to India since 2005 mainly in the real estate, retail, hospitality and infrastructure sectors.

($1 = 60.3950 Indian Rupees)

(Reporting by Aditi Shah; Editing by Anupama Dwivedi)