Two people with knowledge of the matter told The Economic Times that private equity firm MPC Synergy Real Estate is set to exit its investments in the real estate developing company of Anil Nanda Group. A person involved in the deal with Akme Projects was quoted as saying, "The fund does not want to continue business with Akme Projects as the relationship did not go as planned. Some projects are yet to take off."

Synergy Asset Management Fund, a private equity investment fund based in Geneva and MPC Capital, the biggest close-ended fund manager in Germany, got together to form the joint venture MPC Synergy, the report said.

In 2008, Akme Projects and MPC Synergy created a joint venture with an equity investment of around Rs1,000 crore where they each owned equal shares aimed at developing premium residential projects. The joint venture company was called Akme Rhine River Projects and was supposed to develop seven projects in 2012 that would bring forth 7,600 apartments and 400 villas. These developments were located in Ludhiana, Mohali, Greater Noida and Gurgaon, the report said.

Information gathered from the website of Akme Projects Ltd said that its project management team is exemplary and composed of "leading designers, renowned contractors, legal, sales & marketing and property management professionals."

Synergy Asset Management, MPC Capital and Akme Projects have not yet answered emails sent to them by The Economic Times to confirm the report. Various private equity funds have been at odds with builders as projects face delays or stumble over issues on corporate governance. Although there are some funds that have taken recourse in the courts, others are also prepared to exit in spite of losses since more funds are nearing the close of their cycles and would have to give back the capital to their backers, the report said.