Marubeni Corporation of Japan forays into Indian realty sector

Japanese institutional investor Marubeni Corporation has committed to invest ₹300 crore in realty developer Wadhwa Group's 1-million sq ft residential project being built by its subsidiary Atmosphere Realty in Mulund suburb of Mumbai. This is Marubeni's maiden investment in the Indian real estate. The funds will be used for Phase-II of the project called Atmosphere O2--being developed by Atmosphere Realty. The first phase of the project has already been completed and delivered to 650 customers. The deal comes at a time when several transactions have been put on the backburner due to the coronavirus pandemic. The residential project, spread over 4.72 acres on Goregaon-Mulund Link Road (GMLR), is being developed by the Wadhwa Group in alliance with Man Infra Construction and Chandak Group housing 700 apartments. For this project, Marubeni will bring to the table its considerable experience from developing real estate in Japan, China and the ASEAN region in collaboration with Wadhwa Group.