News: AIG to invest in Indian real estate mkt
(RTR 28/04/2006) Mumbai - American International Group Inc. has joined the growing list of multinational companies eager to invest in the booming Indian real estate market.
AIG Global Real Estate Investment Corporation which manages about $10 billion in equity assets said on Thursday it had appointed Rajesh Agarwal as head of its real estate division in India.
AIG follows in the footsteps of institutions such as Morgan Stanley, which last month invested $68 million to be a minority partner with Bangalore-based Mantri Developers Private Ltd., and Singapore's Capitaland, which formed a joint venture with the Mumbai-based Runwal group in February.
"The Indian economy, particularly the infrastructure and real estate markets, have exhibited remarkable growth over the last few years," Sunil Mehta, AIG country head, said in a statement.
"The appointment of Agarwal is a strategic move that will establish AIG's presence in the Indian real estate market."
Agarwal joins from Reliance Capital Asset Management, where he was vice president, private equity, AIG said.
AIG Global Real Estate Investment Corporation which manages about $10 billion in equity assets said on Thursday it had appointed Rajesh Agarwal as head of its real estate division in India.
AIG follows in the footsteps of institutions such as Morgan Stanley, which last month invested $68 million to be a minority partner with Bangalore-based Mantri Developers Private Ltd., and Singapore's Capitaland, which formed a joint venture with the Mumbai-based Runwal group in February.
"The Indian economy, particularly the infrastructure and real estate markets, have exhibited remarkable growth over the last few years," Sunil Mehta, AIG country head, said in a statement.
"The appointment of Agarwal is a strategic move that will establish AIG's presence in the Indian real estate market."
Agarwal joins from Reliance Capital Asset Management, where he was vice president, private equity, AIG said.
posted by InCar Group Press Room at 12:24
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