AIG Global Real Estate (AIG GRE) is said to be in talks to divest its holdings in two Projects in Bangalore and will gain about Rs. 2000 crores from the deal. AIG GRE is a global group with total investments ranging USD 9.4 billion in various real estate projects around the world.
The AIG-GRE group jointly with RMZ , a Bangalore based company, invested a sum of USD 350 million in Bangalore, Kolkata and Hyderabad through a SPV. Their aim was to promote commercial buildings in metros and also enter the hoteliering area. The downturn in global real estate led to reconsiderations.
Negotiations are now going on for the bid invited for its stake in the projects. AIG-GRE expects USD 450 million or close to Rs. 2000 crores. When the deal is finalized, it will mean the exit of the global conglomerate from India. RMZ has offered to buy out AIG-GRE’s stake in Hyderabad and Kolkata projects but so far no one from AIG has given a response to the offer. Earlier, RMZ had acquired AIG-GRE’s Bangalore SPV stake. It seems AIG is waiting for other offers in an attempt to tip the negotiations in its favour with RMZ. Officials of RMZ did not confirm so we are left guessing about the actual status.
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