Runwal Group, Warburg Pincus Join Hands

Mumbai-based real estate player Runwal Group and global private equity firm Warburg Pincus have formed a $1 billion joint venture for a retail mall platform. Both partners will commit $200 million each in the form of equity and shall raise another $600 million in the form of debt to create a corpus of $1 billion, the developer said in a statement. This will be to invest and develop high quality shopping malls across tier I, II, and III cities in India which have a sizeable population and growing disposable incomes, it added. The platform will look to build large destination malls as well as small hypermarket and cinema anchored community malls.