In an unrelated matter, Bahrain-based Investcorp announced on Wednesday it has raised $130 million in anchor commitments, which will primarily provide last mile funding in India, a market currently going through a liquidity crunch.

BAe Systems Pension Funds Investment Management Limited is the cornerstone investor for this initiative, which will focus on projects in the affordable and mid-market housing segment in the top seven cities in India and is subject to regulatory approvals and registrations.

Vikram Aggarwal, head of Private Markets, BAe Systems Pensions said, "We believe that the Indian affordable housing segment represents a sizable and attractive market opportunity catalyzed by urbanization and structural reforms. BAe Systems is pleased to make a positive contribution to the development of affordable housing in India, where there is significant demand, but a lack of institutional quality capital to fund projects."

Investcorp manages more than $28 billion globally and at its core is a mid-market specialist. The firm is an active investor in the US and European real estate markets, targeting properties that generate current cash flow and have potential for capital appreciation through value-add initiatives, with annual transaction volumes of approximately $2.5 billion per year. Since inception, Investcorp has invested in more than 765 properties totaling in excess of US $18 billion.

In India, the company's real estate business has deployed more than $200 million through two funds across 27 residential projects located in the top tier cities.