Citi arm puts $160 mln in Indian realty firm-media

Automotive

Citigroup Property Investors, a unit of Citigroup, has put $160 million into four projects of Indian real estate developer BPTP.

The Economic Times, citing an unnamed BPTP official, said Citi Property Investors was buying 40% in the special economic zones that BPTP is developing near New Delhi.

The Hindustan Times paper, also citing an unnamed BPTP official, said the Citi unit would hold 40% in a special purpose vehicle for the four developments, with New Delhi-based BPTP holding the remainder.

Citi Property Investors last year bought nearly 6% in BPTP for about 3.2 billion rupees ($80 million), the papers said.

Citi Property Investors last year said it was investing around $400 million in India, and that it had tied up with seven developers for various projects in the country. (Reuters)

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