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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