The Shanghai-headquartered international conglomerate and investment company Fosun Group is looking to acquire a strategic minority stake in realty developer Ahuja Constructions for around Rs 350 cr.
For the past year and a half, the Chinese company has been fervently working on its plan to corner a share of the India’s burgeoning real estate pie and it is expected to make this investment through its property investment and management platform Fosun Property Holdings.
Both Fosun Property and Ahuja Constructions have already started the discussion regarding the proposed deal and are likely to finalise the structure soon. Several calls and text messages to Apurva Muthalia, MD of Fosun Property Holdings, and Gautam Ahuja, MD, Ahuja Constructions, remained unanswered until the press time.
The proposed investment in Ahuja Constructions would be Fosun’s second such transaction in Indian real estate. The Shanghai-headquartered group is also in advanced talks to invest Rs 800 cr in Bengaluru-based Nitesh Estates for around 50% stake.
The Fosun Group is amongst China’s largest privately-owned investment conglomerates with interests spanning across pharmaceuticals, real estate, financial services, infrastructure and hospitality. In September, in its first India deal, Fosun picked up controlling stake in Gland Pharma for over $1billion.