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of growth and progress," said Sanjeev Shah of Shah Sanjeev & Associates, a Vadodara-based M&A and
corporate advisory services provider.
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Chicago based Walton Street returns to Indian real estate, to put Rs. 100 crore in
Noida project
At a time when foreign private equity (PE) investors are a bit wary of the Indian property market,
Chicago-based PE real estate investment firm Walton Street Capital is making a comeback. In its second
India outing, Walton has planned to invest at least Rs. 100 crore in a Supertech project at Noida, near
Delhi. Walton would get a 20 per cent stake in the residential towers of Supertech’s mixed use
development project, Supernova.
The total cost of the Supernova project is estimated at Rs 3,000 crore, while the cost of the residential
towers, Nova East and Nova West, will be around Rs 500 crore. Walton's India arm had earlier planned
to invest $1 billion (around Rs 5,000 crore) in the country's real estate sector, but the plan was shelved
due to the global economic crisis. Now, there is talk of the company reviving its plans.
Walton had for the first time entered India in 2007, investing Rs. 100 crore in a Kolkata project of
Shriram Properties, the Chennai-based realtor. It had also taken stake of 33 per cent in a special purpose
vehicle of the Kolkata project, while Starwood Capital had invested another 33 per cent. However, the
project failed to take off and in 2011, Walton and Starwood got enterprise-level stakes in Shriram
Properties.
Supertech’s chairman and managing director, R. K. Arora, confirmed they had got a letter of intent from
Walton and documentation was in process. Walton did not respond to a questionnaire sent by Business
Standard on the matter. Supertech has also struck a franchise deal with Starwood Hotels and Resorts for
a Le Meridien Hotel in the same mixed use development project. “Starwood is not investing in the
project, but will run the hotel with its management team,” said Arora.
Morgan Stanley Real Estate Investment is also learnt to be investing Rs 500 crore in another Supertech
project in Noida, called Cape Town. The firm is expected to take 20 per cent in the entire project. Only
last month, Morgan Stanley revived its investment in the country after a four-year hiatus, by investing
nearly Rs. 450 crore in a Mumbai-based project.
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Boeing's MRO to become operational by Q2 next year
With the much-delayed Dreamliner having finally landed and ready for induction into Air India's fleet,
Boeing is all set to complete its other delayed project — its MRO facility at Nagpur.
The construction of the $100-million project will be complete by December 2012. “We expect to get the
DGCA certification thereafter and operationalize it by the second quarter of 2013”, said Mr. Dinesh A.
Keskar, President, Boeing India.
The Maintenance, Repair, Overhaul (MRO) facility at the Mihan-SEZ, was slightly delayed due to
problems of land acquisition. Boeing got possession of the 50-acre land two years ago. It started
construction work on the two hangars in January 2011. More than half of the work has been completed
at the greenfield project, he told.
The MRO is the result of Boeing's commitment when Air India purchased 68 aircraft from the aircraft
major in 2005-06. The facility will carry out checks and maintenance of Boeing 777 and 737 aircraft