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SUN-Apollo buys stake in Indian developer

The Mumbai-based firm, a partnership between Apollo Real Estate Advisors and the SUN Group, will acquire a stake of around 40 percent in a special purpose vehicle for $70m.

SUN-Apollo Ventures, the India-based joint venture firm between Indian conglomerate the SUN Group and Apollo Real Estate Advisors, has invested Rs 300 crore ($70 million, €44 million) for a minority stake in a special purpose vehicle launched by the Noida-based realty firm Amrapali group, India’s Economic Times reports.

The special purpose vehicle has been set up to develop several projects in the next two and half years including a 200-acre township in Jaipur and a 15-acre housing project in Noida.  Amrapali group has already developed six urban residential colonies in the national capital region of Delhi.

SUN-Apollo was formed two years ago when the US-based private equity fund Apollo Real Estate Advisors teamed with the SUN Group, owned by the Delhi-based Khemka family. Aside from realty SUN Group also has interests in oil and gas, mining, infrastructure, food and beverage and technology.  Last year the partnership raised $630 million for the SUN-Apollo India Real Estate fund.