Deutsche Bank exits India's Lodha with $183 M profit

Deutsche Bank exited a four-year investment in Mumbai-based builders Lodha Developers, with a $183.09 million profit.

The German bank received 25.42 billion rupees, 55 percent more than its investment of 16.4 billion rupees in late 2007.

Lodha funded 17.2 billion rupees of the repayment from cash generated through sales of residential units in its projects across Mumbai, including in its flagship 117-storey World One, which is expected to become the world's tallest residential tower.

The remainder was funded through issue of bonds.

The company's debt dropped by 10 billion rupees to 30 billion rupees after the repayment to Deutsche Bank, Managing Director Abhisheck Lodha said.

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Tags: construction business, Indian property developer, property development, construction investments, repayments, bonds, Deutsche Bank