Vascon Engineers has signed agreements with HDFC India Real Estate Fund (HI-REF), the real estate private equity fund sponsored by HDFC, for an investment of approx Rs 138.5 crore.
The real estate private equity fund has invested the money for an undisclosed stake in Vascon Engineers. Vascon has 11 million sq ft of development under progress in prime locations in and around Pune.
The Rs 450-crore Vascon Engineers currently has operations also in Mumbai, Goa, Himachal Pradesh and other states. The group has completed more than 100 projects, covering 6 million sq ft for residential, commercial, industrial and pharma companies, in the last two decades. It is currently implementing several IT, hospitality and residential projects in the city including the one million sqft Vascon - Weikfield IT Citi Park and Hyatt Hotel in Pune.
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