DUBAI, United Arab Emirates, Jan. 12, 2016 /PRNewswire/ -- NYSE-listed global private equity fund Apollo Global Management has made an exit from super-luxury residential project Ahuja Towers of Mumbai-based Indian real estate company Ahuja Constructions at approximately 69.35 Million USD (conversion rate as on date of exit: Rs 460 crores).
Apollo had invested approximately 30.1 Million USD (conversion rate as on date of exit: Rs.200 crores) in the Ahuja Towers project for 49 percent voting rights in the company. With over $90 billion as corpus for India, Apollo Global Management is one of the largest global private equity funds investing in diverse sectors ranging from Logistics, Textiles, to Real estate etc. Apollo has taken successful exit from its investment in the Ahuja Towers project wherein they made approximately 69.35 Million USD (conversion rate as on date of exit: Rs.460 crores) for their investment of approximately 30.1 Million USD (conversion rate as on date of exit: Rs.200 crores approx.) resulting in multiple of 2.3 times on their investment value.
When contacted the spokesperson of Ahuja Constructions, they confirmed the exit.
This comes at a time when most realty funds are finding it difficult to exit their investments in Indian real estate projects amid a slowdown in the property market. Ahuja Constructions used the money invested by Apollo Global Management to develop the 53 storey super luxury residential project Ahuja Towers which has redefined the skyline of Worli Mumbai in India.
Apollo Global, with over $162 billion of assets under management, had recently set up real estate private equity platforms in Asia with offices in Shanghai, Hong Kong and Delhi, among other cities.
