Paharpur Cooling to expand real estate business

Kolkata, Nov 24 (IANS) Kolkata-based Paharpur Cooling Towers Limited, with a turnover exceeding Rs.1,000 crore, has formed a special purpose vehicle (SPV) with a Mauritius-based private equity fund Pragnya Fund-I to execute real estate projects.

The SPV Paharpur Pragnya Realty Private Limited is executing two real estate projects in West Bengal’s Barrackpore and Asansol, besides a project in the Sri Lankan capital Colombo.

‘In the SPV, Paharpur’s share is 51 percent, and that of Pragnya is 49 percent. The two companies entered into the partnership in the second half of last year,’ Pharpur Cooling Towers Managing Director G. Swarup told reporters here.

Subba Dukkipati, managing partner of Pragnya Group of Funds and director of Pharpur Pragnya Realty Private Limited, said his company has infused Rs.100-150 crore in the SPV.

Asked about Pragnya’s investment plan in India, Dukkipati said: ‘We are executing seven projects — two in West Bengal, two in Chennai, one in Bihar and one in Kochi, besides the one in Colombo.’

‘We have invested in all about Rs.200 crore in the seven projects,’ he said.

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