Portman to invest in Tata's luxury realty project

Atlanta-based Portman Holdings is investing in a luxury residential development in India by partnering with Tata Housing. Tata Housing is a real-estate development subsidiary of the Tata Sons conglomerate. Portman to fund Tata's The Promont, a project located on terraced hillsides outside Bangalore, a prominent technology hub.

The development will include apartments from 2,376 square feet to 3,205 square feet, according to a Portman news release.

According to a Tata statement, the value of the equity raised from Portman is Rs 240 crore, which translates to about $43 million at current exchange rates. The deal is the first private-equity funding raised for a project developed by Tata Housing, which was founded in 1984.