Aberdeen plans to set up $1billion India-specific realty fund

International investment management group Aberdeen Asset Management is reportedly in the process of setting up a $1 billion real estate fund for India. The money would be invested over the next three years, at project and entity levels with real estate companies, according to a business daily.

An investment banker associated with Aberdeen in India said the India-dedicated real estate fund from the group would start operations in March or April this year. "The group is quite bullish on the business atmosphere in India. It is particularly gung-ho on the real estate and infrastructure sectors," the investment banker said in the report.

Aberdeen Asset Management has more than $198 billion of funds under management in various parts of the world. The group already has a significant exposure to the Indian stock market and has stake in many listed companies.

The group owns about 5 per cent in Satyam Computer Services, and is the second largest single investor in the company.

As of now, Aberdeen has not taken much exposure to the real estate sector in India.

Leela to launch three new hotels in 2009

The Leela Hotel Group plans to launch three new hotels in 2009, its chairman C P Krishnan Nair said.

"Our next offering will be The Leela, Hotel and Residences in Gurgaon in January 2009 and The Leela Palace, Udaipur shortly thereafter. The Leela Palace, Chennai will open in late 2009," Nair said.

The Leela Palace in New Delhi will be completed in time to accommodate guests for the Commonwealth Games in October 2010, Nair said.

Nair also said the company is planning to make its presence felt in the Indian heritage circuit with projets in Agra and Jaipur. Besides, developments in Hyderabad and Pune are also underway.