Actis to exit Bangalore-based Vaishnavi Group

Actis PE is planning to exit from its real estate investment in Vaishnavi Group based in Bangalore. The PE firm in 2008 had invested $25 million in a SPV floated by Vaishnavi Group to construct a residential and retail property in Bangalore. Of its total investment, $7.5 mn was for developing Vaishnavi’s SPV a 1 mn sq ft mixed use project in Yeshwantpur, Bangalore and the remaining part of the investment was for other projects.

Actis has around $1 bn invested in India across various sectors, including healthcare, automotive and infrastructure, among others. The Vaishnavi Group, led by CN Govindaraju, is an alliance of companies who have over the years collectively handled every aspect of real estate development across Bangalore, since 1998 – from sourcing legally unencumbered land, raising capital; to, planning, civil, structural, architectural design and taking it to the next level, of marketing mid-range and luxury properties, till date. It has so far developed around 6 mn sq ft of property.