Real Estate Development Company, Vijay Khetan Group, Eyes Distressed Land Assets in Mumbai, Bengaluru and Hyderabad; To Raise INR 1,500 Crore From Institutional Investors to Fuel Acquisition

MUMBAI, April 29, 2015 /PRNewswire/ --

Vijay Khetan Group is currently talking to institutional investors and sovereign funds to raise INR 1,500 crore towards building capacity. The company intends to form Special Purpose Vehicles (SPVs) for this, where the other partner will come in as an equity player. The group has identified at least 20 financially distressed companies in Mumbai, Bengaluru and Hyderabad, which the company intends to buy to unlock the land asset potential.

Speaking on the occasion of the announcement, Mr. Vijay Khetan, Chairman & MD, of the group, said, "We have over three decades of experience in the construction and finance business. Our expertise is in buying distressed assets and turning them around to profitable real estate ventures. We intend to form separate companies where the funder will come in as an equity partner."

Mr. Vijay Khetan promoted 'Vijay Khetan Group' has diversified interests in the real estate business comprising of residential, business centres, commercial, infrastructure and hospitality. The company currently has an asset bank of over INR 2,500 crore in Mumbai. Mr. Vijay Kehtan, Chairman of the Group, has been a specialist in acquiring distressed land assets. The group has acquired the following distressed land assets in the past; Borosil Company - 2002, Scientific Instruments Ltd.- 2004, Bharat coal-tar Pvt. Ltd.- 2006, Pure Drink (makers of Campa-Cola) - 2007, Shakti Mills Ltd.- 2007 and Calico Mills - 2008.

The group's ongoing projects include construction of a one million sq.ft residential project in Andheri, Mumbai and half-a-million sq.ft ultra-luxury residential project in Worli, Mumbai. The group has also bagged a 5 million sq.ft redevelopment project in Bandra-Kurla Complex, Mumbai. The group is developing a smart city project of 250 acres in Igatpuri, Nasik, which will be ready by the latter half of 2016. The group is building a 200-key luxury hotel near the international airport in Mumbai.

Mr. Anuj Khetan, Director, VKG added, "This is the right time to acquire distressed land assets. The group has a multi-million cash reserve and is not keen on leverage."

Nishith Desai Associates is advising the group on the deals.

About Vijay Khetan Group:  

Vijay Khetan Group (VKG) was founded in the year 2002 under the pioneering leadership of Mr. Vijay Khetan. The group is today amongst the top real estate developers in India.

VKG is synonymous with quality, luxury and superior design. The group is continually setting the standards of excellence by partnering with the best international architects and designers to provide real estate solutions that are a culmination of technological superiority and international best practices.

VKG has delivered high-end commercial, residential, industrial & SEZ and hospitality projects with superior quality, impeccable details, superior locations advantage and, creating an unequalled experience of luxury.

Media Contact:
Jay Naduvath,
[email protected],
+91-9768123923,
Jefferies and Bain