Kolte-Patil Developers' Pune Township Life Republic Enters Agreement With KKR
Kolte-Patil Developers Limited, a leading real estate company, 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 the cost of outstanding debt attributable to the development.
Commenting on the new development, Mr Gopal Sarda, Group CEO, Kolte-Patil Developers Limited said, At Life Republic, we are developing a full-amenities township focused on Hinjewadi's digital economy workforce. With our new partnership, we see this landmark project accelerating further 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."
Mr Ashish Khandelia, Director, Real Estate, KKR said, "Pune is a prominent real estate market in India with sustainable demand drivers. We believe that our long-term capital commitment to Life Republic will contribute to its continued success as a high-quality township development. "