UIVC PES Win Rs 525 Crore Arbitration Award Against Terraform Realty
Private equity funds managed and advised by Urban Infrastructure Venture Capital (UIVC), floated by Anand Jain’s Jai Corp with Reliance Industries as a core investor in its domestic fund, have won Rs 525 crore arbitration award against realty developer Terraform Realty, erstwhile Everest Group.
The funds -- Urban Infrastructure Opportunities Fund (UIOF) and Urban Infrastructure Real Estate Fund (UIREF) -- had made these investments -- worth nearly Rs 300 crore developments of various properties, including Bradburry Mills at Mahalaxmi, with Everest Group.
The investment was made in 2007-08 through 3 special purpose vehicles. The funds initiated arbitration proceedings against the realty developer in 2012 alleging breach of various clauses in the definitive agreements entered into by both the entities.
UIVC had alleged that Everest Group did not use the entire money for the projects in all the 3 SPVs and diverted the same for their personal use. The funds have also filed criminal complaints against the builder and are currently pending with the authorities.