Morgan Stanley moves in with Bangalore developer

Meet the neighbours: Morgan Stanley breaks new ground by buying into an Indian property developer.
March 01, 2006
Morgan Stanley Real Estate has paid $68 million for a minority stake in privately owned Bangalore residential developer Mantri Developers. The size of the stake has not been disclosed.

The injected funds will be used to grow the company, develop the land bank and investigate new real-estate development opportunities elsewhere in India. Having appraised the market, Morgan says it chose Mantri by virtue of the depth of its managerial bench, led by founder Sushil Mantri, and its valuable land bank.

The Bangalore area is best known for its reputation as IndiaÆs æSilicon ValleyÆ, with many of the countryÆs leading tech companies based there. Mantri is a residential developer focusing on villas and high-rise condos in...
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