The details of the 50:50 joint venture will be finalised by the end of the month. TSP is a leading player in the real estate sector, which has acquired or developed a portfolio of over 52 million square feet, valued at over $15 billion.
Some of TSP's properties are Chrysler Building and Rockefeller Center in New York City, Milbank and Tower Palace in London and Sony Center in Berlin.
The joint venture is expected to pursue 'ground-up' development of commercial office, residential and retail properties across India.
"ICICI Venture will deploy the capital for investments in projects under the venture through its $300 million real estate fund. Besides being a development company, TSP is a fund manager, which has a proprietary fund as well as other third-party funds. TSP will invest through these vehicles," said ICICI Venture managing director and chief executive officer Renuka Ramnath.
Projects, which have approval for foreign direct investment, will come under the joint venture, while non-FDI projects will be pursued independently by ICICI Ventures through its real estate fund.
TSP senior managing director Katherine Farley said, "India is clearly one of the most rapidly growing markets and a leading destination for FDI. We are evaluating a number of opportunities which are fairly large in size and scale."
ICICI Ventures has secured commitments of $200 million for its $300 million India Advantage Fund III. This fund will increase ICICI Venture's total funds under management to about $1 billion.
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