Ah, Calcutta!

This news item from FT may not gladden the comrades in New Delhi but they are sure to boost Buddhadeb Bhattacharya's standing:

Starwood Capital and Walton Street Capital, two US real estate investment firms, have teamed up to invest in a $1.25bn property development in Kolkata, India, that will rank as one of the largest private equity deals in the country.The buyers will team up as equal partners with Shriram Properties, an Indian developer, to launch the project on 20m sq ft of land previously occupied by a Hindustan Motors plant. It will be classified as a “township” including residential, retail and commercial real estate properties designed by HOK, the architecture firm.

....People close to the deal, which is expected to be announced on Tuesday, said it reflected India’s ability to absorb a new supply of property developments and the business-friendly nature of Kolkata’s regional government.It also highlights the attractiveness of deals in emerging markets such as India for private equity and real estate groups whose opportunities have been dramatically reduced in their home markets by the global credit squeeze