Aparna Constructions in talks with Kotak, Piramal to raise funds

Aparna Constructions and Estates, part of the ?2,000-crore Aparna group that offered a successful exit to Morgan Stanley last year, is now in talks with a few private equity and realty funds that showed interest in partnering with the company. Talks are on with the prospective partners that include Kotak, Piramal and a few realty funds, primarily for two new residential projects in Bengaluru at Hennur behind Manyata Tech Park, director C Rakesh Reddy said. Morgan Stanley had invested $100 million in December 2007 for a 50% stake in a residential project of Aparna Constructions at Nallagandla — AparnaSarovar — on 90 acres of land in Hyderabad.