Peninsula Land plans Rs 2,500 cr realty plunge
The Ashok Piramal group-promoted Peninsula Land will be investing Rs 2,500 crore in the Indian real estate sector over the next two years. The company is looking at prospective investment opportunities in both residential and commercial real estate projects, information technology parks and special economic zones (SEZs).
For the purpose of investing in the sector, the group has floated a special purpose company, Peninsula Realty Fund (PRF). PRF has already got the cabinet committee on economic affairs (CCEA) nod for bringing around Rs 1,500 crore as foreign direct investment in real estate Gurgaon.
Apart from this, another Rs 500 crore will be raised from domestic investors and the parent company will put in Rs 500 crore. While the company is all set to officially launch the domestic fund sometime next week, the international fund will be launched in January 2007.
For the purpose of investing in the sector, the group has floated a special purpose company, Peninsula Realty Fund (PRF). PRF has already got the cabinet committee on economic affairs (CCEA) nod for bringing around Rs 1,500 crore as foreign direct investment in real estate Gurgaon.
Apart from this, another Rs 500 crore will be raised from domestic investors and the parent company will put in Rs 500 crore. While the company is all set to officially launch the domestic fund sometime next week, the international fund will be launched in January 2007.
posted by Real Estate India at
3:14 AM
0 Comments:
Post a Comment
<< Home