News: Yatra fund to buy 49% in India real estate JV

(RTR 15/05/2007) Mumbai - Yatra Capital Ltd. a Euronext-listed Indian property fund, said on Tuesday it will pay 21.6 million euros ($29.2 million) for a 49 per cent stake in a joint venture with Kolte Patil Developers Ltd.

The company said this was its first investment in Indian real estate since it listed in Amsterdam in December after raising 100 million euros.

The joint venture would initially develop three residential sites in the western city of Pune, where a number of global and Indian technology firms are setting up operations.

Earlier this year, Kolte Patil filed a draft prospectus to sell 25 per cent of itself in an initial public offering.