Subhash Chandra-promoted Media Company Zee Entertainment is the principal sponsor and anchor investor for Rs 1000-crore real estate private equity (PE) fund, India Asset Growth Fund, launched by Essel Group, as part of its asset management foray. As part of the initial closure of the fund, Zee and Chandra’s family office trust have invested a sum of Rs 100 crore each.
The fund, which has a corpus of Rs 500 crore along with an option for raising additional Rs 500 crore, will be invested in residential projects. Further, the Essel fund, India Asset Growth Fund-Series I, Annuities in Senior Secured Estates Transaction, will be held and managed by Essel Finance Advisors and Managers, a part of the holding company Essel Financial Services. The fund is a so-called umbrella fund and is the first in a series of real estate funds that will be raised.
The fund will essentially invest in residential projects across six key cities of the country including Mumbai, Gurgaon, Bangalore, Chennai, Kolkata and Pune. It will also look at Hyderabad for further investment.
| Company Name | CMP |
|---|---|
| Zee Entertainment | 81.06 |
| Sun TV Network | 641.25 |
| GTPL Hathway | 69.83 |
| Network 18 Media Inv | 36.38 |
| TV Today Network | 114.27 |
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