Private equity firm TPG Capital has bought a 15% share in Shriram Properties for $100.8 million, Economic Times reports. The realty arm of Shriram Group will use the proceeds to develop commercial and residential projects.
The capital raised from the U.S. firm will also be used to acquire distressed assets in the market. Presently, TPG holds a 49% stake in Shriram Retail Private Holdings and 28% in Shriram Citi Union Finance.
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