Ashok Piramal seeks FIPB's permission for $350mn fund
22 Nov '06
1 min read
Peninsula Realty Fund (PRF) was initiated by Peninsula Land Ltd (PLL) which is the leading company belonging to the Rs3,000 crore Ashok Piramal Group. PRF has requested Foreign Investment Promotion Board's permission to establish a $350 million (Rs1,540 crore) realty fund for bringing overseas investment to its facilities.
PRF's idea is in accordance with Ashok Piramal's policy to enhance the country's developing real estate sector which was worth about $12 billion last year, but it is expected to rise to $90 billion by 2015. This realty fund is being managed by Peninsula Investment Management Company Limited.
Prominent institutional investors, NRIs and international corporates are major targets of the realty fund. Ashok Piramal's application to FIPB previously informed that this amount would be collected from foreign investors by a special purpose company to be incorporated in overseas jurisdiction.
Since the proposed overseas investment is reserved for projects allowed by FDI investment policy, the fund was immediately approved.
PLL, whose market value is nearly Rs1,900 crores, is undergoing expansion and it is searching for big acreage projects nationwide. It is working on some significant residential/commercial ventures and developing SEZs and technological parks in Pune and Goa.
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