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Ashok Piramal Group- Walking on the road of hope for $350 m realty fund

Add comment   |   November 21, 2006    02:42pm   |Contributed by Indian Realty News

The Peninsula Realty Fund (PRF), launched by Peninsula Land Ltd (PLL), the flagship company of around Rs 3,000-crore, the Ashok Piramal Group is standing in the midst of its dream emerging into reality with seeking the nod from the Foreign Investment Promotion Board to set up a realty fund of up to an aggregate of $350 million for investment in units by overseas investors.

“We expect to be in the market in the second week of December,” says Rajesh Jaggi, MD, Peninsula Land.

Asset managers Peninsula Investment Management Company Ltd holds the responsibility to carry out proper management of the funds. Sources say the proposal for the fund is more in line with the company’s business plans to bring about the prospective of booming India realty sector.

The PRF has come up with two formulated schemes: Scheme A, which would entertain interests of the domestic investors along with carrying out different real estate projects. As opposed to this is the Scheme B, which would be open to carry out investments meeting the terms and conditions put down by FDI related policies of the government.

Also, the Scheme B of the PRF portfolio is accommodating $350 million fund and will aim to grab the attention of potential investors including non residential individuals, wealth stuck NRIs, and foreign corporates.

Since, the proposed foreign investment aims to target those projects that are permitted under the FDI investment policy; there are chances for the PRF fund to get an automatic approval without extreme hassles. Carrying the price tag of Rs. 1900 crore in the market and with ongoing bull run among the competitors, PLL has been in a look out for large estate projects all over India.

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