Alternative investment firm Alpha Wave Global has committed to investing Rs 12.5 billion ($145 million) in I-Ven Realty Ltd, a joint venture between Oberoi Realty Ltd and its chairman & managing director, Vikas Oberoi.

With this investment, Alpha Wave will acquire a 21.74% stake in I-Ven Realty on a fully diluted basis, according to Oberoi Realty’s stock exchange filing.

I-Ven Realty, originally formed in 2003, is engaged in construction, development, and real estate operations. The fund infusion—a precondition for Alpha Wave’s stake acquisition—will primarily be used to repay loans taken from Oberoi Realty and Vikas Oberoi.

In addition, Oberoi Realty and Vikas Oberoi will invest an additional Rs 1.65 billion ($20 million) in I-Ven Realty through 4.125 million redeemable preference shares.

The joint venture, which was initially formed to acquire a four-acre land parcel in Worli from GlaxoSmithKline, has undergone multiple development revisions. While initially approved for 44 duplex apartments in two towers, plans have evolved to include a luxury mall, boutique hotel, and office space spanning 1.8 million square feet.

Oberoi Realty had acquired a 50% stake in I-Ven Realty in 2013 from ICICI Venture, and the JV secured key approvals in 2016. A portion of the land had also been allocated temporarily to the Mumbai Metropolitan Region Development Authority (MMRDA) for the Worli Metro station, as per a 2017 media report.

This latest investment underscores Alpha Wave’s confidence in India’s luxury real estate sector, positioning I-Ven Realty for future growth