Goldman Sachs to invest Rs 245 crore in Vatika Group's commercial projects located on NH-8

Goldman Sachs — leading global investment banking and investment management firm — has entered into a partnership with the Vatika Group — a leading real estate firm in India — for the third time by investing Rs 245 crores. This investment will expedite the construction of the first phase of a commercial project located on NH-8, especially the hotels under the Vatika Hotel brand. The project will be developed in 3 phases comprising 2.2 million sq ft. This Goldman Sachs investment of Rs 245 crore investment is a debt instrument structured as project finance facilitating a partial refinance to Piramal Enterprises and the balance towards construction.

Speaking on the Goldman Sachs partnership with Vatika Group; Gaurav Bhalla, Managing Director at Vatika Group said, “We at Vatika Group envision fulfilling the rising demand of the grade A commercial spaces in Delhi NCR. Such debt instruments being extended by mature funds such as Goldman Sachs is the need of the hour ensuring completion of assets while allowing for partial refinance. The investment by Goldman will surely accelerate in delivering the project on time.” The project will be developed in 3 phases comprising 2.2 million sq ft.

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Goldman Sachs has more than a decade long history of investing in Vatika Group. It invested Rs 100 crore in 2007 towards Vatika Business Park and Rs 255 crore in 2014 in Vatika Hotels. In a separate transaction, Goldman Sachs has extended a debt facility to Vatika Hotels to the tune of Rs. 365 crores facilitating a pre-payment to Piramal Enterprises on the same asset.