Mumbai: City-based realty firm Ahuja Constructions on Wednesday said global private equity player Apollo Global Management has exited its super luxury residential project 'Ahuja Towers' at Worli for around Rs 460 crore.For latest news on Business & Budget 2017, like us on Facebook and follow us on Twitter.
The PE firm had invested around Rs 200 crore in the project for 49 per cent voting rights in the company, a statement issued here said.
"Apollo has taken successful exit from its investment in the Ahuja Towers project wherein they made around Rs 460 crore for their investment of up to Rs 200 crore resulting in multiple of 2.3 times on their investment value," the company said.
The exit comes at a time when most realty funds are finding it difficult to exit their investments in real estate projects amid a slowdown in the property market, it added.
"Ahuja Constructions used the money invested by Apollo Global Management to develop 53-storey super luxury residential project Ahuja Towers which has redefined the skyline of Worli Mumbai," the company said.
With over $90 billion as corpus, Apollo Global Management is one of the largest global private equity funds investing in diverse sectors like logistics, textiles, and real estate, among others.