Deal Street

January 22, 2018

Godrej PE arm to buy new Vernon’s IT Park for Rs 400 crore


godrej-pe-arm

Godrej Fund Management, the private equity real estate arm of Godrej Group, is set to buy US-based private equity firm New Vernon Capital’s IT park at Thane for Rs 400 crore.

"Both the parties have entered the last lap of the deal conclusion. Currently, the final leg of due diligence is going on and the deal is expected to be closed anytime soon," said one of the close sources.

The deal shall be accomplished and closed through 100% acquisition of the share capital by Eranthus Developers, a group company of Godrej Fund Management.

AZB & Partners, led by Partners Sai Krishna Bharathan and Monika Bhonsale along with Senior Associate Shivani Kabra acted for The Godrej Group.

Shardul Amarchand Mangaldas acted as the legal advisors for New Vernon Capital.

Earlier, Godrej Fund Management used to be part of Godrej Properties and has, in recent times, shifted under the Godrej Group.

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