Mauritius-based hedge fund DE Shaw Composite Investments (Mauritius) has invested around $250 million in Mack Star Marketing, a group company of realty developer HDIL.

Mack Star is building up nearly 0.5 million sq ft of commercial complex, Kaledonia, in Mumbai

HDIL, a week ago, shifted its development rights for this plan to Mack Star Marketing Pvt Ltd for Rs 900 crore.

According to an Assocham study, the Indian realty segment received around $2.6 billion PE funding in 32 contracts during the last year (2007). Private equity deals are projected to touch $48 billion by the next three years (2010).
 
HDIL, earlier this year, had bagged a rehabilitation project from the Maharashtra government covering over 276 acre around the Mumbai airport.

The company has also been selected by the state government for bidding for the high-status Dharavi Slum Rehabilitation Project. The company is also in the process of executing commercial, residential, and retail projects across the country.

HDIL has registered a net profit of Rs. 27023 lakhs for the third quarter ended December 31, 2007. The net sales during the same quarter stood at Rs. 49662 lacs.