News: 'Lehman unit close to deal with Indian firm'

(RTR 17/04/2007) Mumbai - Lehman Brothers Holdings is close to signing a partnership deal to invest over $100 million in a hospitality venture with India's Future Capital, the Economic Times reported on Tuesday.

It quoted the head of the real estate arm of Lehman Brothers India, Raj Sundaram, as saying that the company was looking for investment opportunities.

"We are looking at investments in the hospitality sector. But I will not be able to comment on specific deals," he told the paper.

"We are building hotels in India. But at this stage, I cannot comment on who we are partnering with for investments in the business," he told the paper.

Future Capital is the financial arm of India's Future Group, which controls Pantaloon Retail Ltd.

The spokesman for the group could not be reached for comment.