US co picks up 26% in Tata Housing project

Tata Housing said Portman Holdings, an Atlanta-based investment company, has picked up a 26 per cent stake in its Rs 240-crore project in Bangalore. The company said this deal represents the first private equity funding for a Tata Housing project. YES Bank was the financial advisor on the transaction. Brotin Banerjee, Managing Director and Chief Executive Officer, Tata Housing, said: “Portman Holdings clearly recognises the opportunity for long term and sustained growth in the Indian housing market. Their investment represents a huge endorsement for ‘The Promont’ (a luxury housing offering) as an outstanding project”. The Promont is an exclusive, gated, luxury community of terraced hillside residences intended for the ‘new affluent’ segment of consumers who have a distinct lifestyle preference and often live in the suburbs, the company said.