ICICI Venture to invest up to Rs 500cr in 2 yrs
Mumbai: ICICI Venture Friday said it is planning to invest around Rs 500 crore in various residential projects in the next two years.
"Despite the current sluggishness, we are bullish about the growth in the residential segment. We want to fund residential projects and we are looking to invest close to around Rs 500 crore over the next two years," ICICI Venture Capital President (Real Estate) Sanjeev Dasgupta told reporters on the sidelines of a FICCI event here.
However, the company will evaluate the opportunities cautiously, he said.
The firm has an exposure of about Rs 2,800 crore in residential projects, which are mainly in the top seven metro cities in the country, he said.
"We do not plan to look at tier II or III cities. After all, we look at the return on our investments, which at the moment we can expect from projects in tier 1 cities," he said.
When asked whether the company is looking at raising funds in the near future, he answered in the negative.
ICICI Venture, which has been exiting from various projects in the last nine months, will continue to look at exiting opportunities in few more projects for good valuation, he said.
"We want good return on our investments. If we find we are getting good valuation, we may exit the project."