Private equity firm Sun-Apollo is planning to invest up to $50 million in projects developed by Indian real estate company Sobha Developers. Sobha has built more than 51 million square feet of homes and offices since its inception in 1995. Sun-Apollo is a joint venture between India's Sun Group, controlled by the Khemka family, and U.S.-based AREA Property Partners, formerly called Apollo Real Estate Advisors.
The company’s net profit for second quarter has registered a decline of 30.56% at Rs 40.90 crore as compared to Rs 58.90 crore for Q2FY11. The company’s net sales have decreased by 22.45% at Rs 327.40 crore for the second quarter of current fiscal from Rs 422.20 crore for the corresponding quarter of the previous fiscal.