08:12
Mumbai: Jaydev Mukund Mody, a gambler-turned-entrepreneur and the founder of Delta Corp. Ltd, the company focused on casinos in Goa, has entered the real estate investment business through his new Rs.500 crore private equity fund.
Eagle Capital Advisors Pvt. Ltd has launched the fund, Alpha Advantage Real Estate Fund, with a green shoe option of an additional Rs.500 crore, a senior executive said.
A green shoe option allows the fund to raise more money than originally planned. The fund, headed by Sudarshan Bajoria, former director and co-head, real estate, at ICICI Venture, will focus on domestic mid-sized projects. It has a tenure of six years that can be extended by a further two years.
Mody, who cut his teeth in the real estate development business (he developed Mumbai’s iconic Crossroads Mall), will be the non-executive chairman of the fund, while Bajoria will be the managing director.
Mody has also been involved in the development of several large residential and commercial complexes in Mumbai, including Peninsula Corporate Park, Ashok Towers, Ashok Gardens, and Peninsula IT Park.
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