Tanglin Developments - part of VG Siddharta's Coffee Day Holdings - is talking to HDFC's real estate PE fund to raise up to $64 Mn. The proceeds of the funds will be used for expansion.

Tanglin Developments is engaged in building business parks. So far, it has developed two business parks - Global Village (near Bangalore) and TechBay (in Mangalore). Global Village houses companies including MindTree, MphasiS, Texas Instruments, Sonata Software besides others.

Tanglin intends to use the proceeds to further expand its Bangalore Park, which is spread over 110 acres. It is also planning to build residential units adjacent to the Bangalore software park. 

Coffee Day Holdings is the holding company of Cafe Coffee Day, Coffee Day Hotels and Resorts, retail broking firm Way2Wealth and VC firm Global Technology Ventures Ltd. Coffee Day Holdings is also in talks Stanchart PE, Temasek and KKR to raise upto $100-150 Mn (Here). 

Tanglin received a commitment of $ 81 Mn from Germany's Hypo Real Estate AG in March 2007. The first drawdown took place on March 13, 2007. Hypo was later taken over by German government after it was unable to raise short term funds amid the credit crises of 2008. It is unknown whether Hypo has fulfilled the capital commitments or not. It had also committed $75 Mn investment in Shriram Properties in 2007. However, after the takeover, Hypo had announced that it would fulfill the capital commitments.

Reference: BS