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Citigroup buys stake in Nitesh Estates: report

(MUMBAI) Citigroup will pay around US$250 million for a minority stake in Indian real estate firm Nitesh Estates, the Economic Times said yesterday.

The deal would see Citigroup partner privately owned Nitesh in the Indian firm’s hospitality venture, which involves setting up at least five luxury hotels and possibly malls also, the newspaper said, citing sources close to the deal. Nitesh Estates declined to comment, the paper said.

The head of Citigroup Property Investors told Reuters in April that the unit was investing around US$400 million in India, and that it had tied up with seven Indian developers, including Nitesh, for a US$100 million luxury hotel in Bangalore.

A spokesman for Citigroup in India did not immediately return a call seeking comment on the report.


Source: Reuters (Business Times 10 Oct 07)

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