India, June 11 -- Mumbai-based real estate developer Ashwin Sheth Group on June 11 announced the acquisition of a 50% stake in One Marina, a luxury residential project located in South Mumbai's Marine Lines. The project has a total gross development value (GDV) of Rs.2,300 crore.

The company said in a statement that it acquired the stake from Vallabh Sheth and Jitendra Sheth, promoters of Sheth Creators, who previously co-owned it along with landowner YM Infra.

The acquisition was backed by substantial funding from PAG Singapore, an Asia-focused investment firm that has committed $65 million (over Rs.540 crore) to support the construction and development of the Rs.2,300 crore GDV project.

"Part of the funds raised from PAG were used to...