Mumbai, Dec 28 (UNI) Kolte-Patil Developers, a leading real estate

company, has announced that global investment firm KKR has committed

Rs 1.93 billion in Kolte-Patil I-Ven Townships (Pune) (KPIT), a

Joint venture of Kolte-Patil and ICICI Venture Funds Management

Company. KPIT is developing Life Republic, a 383-acre township

located in Pune's IT hub, Hinjewadi.

KPIT will utilize the funds from this investment to attain financial

closure at R1 sector of Life Republic, meeting working capital

requirements and reducing cost of outstanding debt attributable to

the development.

Gopal Sarda, Group CEO, Kolte-Patil Developers said, "At Life

Republic, we are developing a full-amenities township focused on

Hinjewadi's digital economy workforce. With our new partnership, we

see this landmark project accelerating further to meet the rising

aspirations of middle-income home buyers. We will utilize KKR's

capital to further expand our focus on efficient execution that we

see translating into improved demand from customers and strong

project dynamics for all other stakeholders."

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