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Ashok Piramal Group hope for $350 Million realty funds

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Peninsula Land Ltd (PLL) was initiated by the Peninsula Realty Fund (PRF) which was a top company with capital of about Rs. 3,000 Crores and Ashok Piramal Group was standing in mid in its dreams of getting into the real estate and was gazing for the green signal from Foreign Investment promotion Board to fix up the real estate fund to a total of $350 Million for investment in units by aboard shareholders. Rajesh Jaggi MD of Peninsula Land told that, “We were estimating to be in market in the month of December 2006.” To achieve the correct management of the finances, property executives of Peninsula Investment Management Company Ltd had taken the responsibility. Sources said the www.propertykhazana.com that plans for funding were in queue with the company’s trade proposals to bring out the future of thriving Indian Real Estate Sector.
PRF had risen up with 2 formulate system like System 1, which will engross the interests of domestic shareholders along with the different realty ventures. As opposite to system 1 is the System 2, which will be unlocked to do the investments, which will meet the terms & conditions set downward by FDI associating the rules of the Govt. And System 2 of PRF group is accepting $350 Million finance and aiming to hold the interest of potential shareholders comprising non housing individuals, Wealth Stuck NRIs and also Corporate’s. When the planned FI tried to aim the ventures which were approved by the FDI investment policy, there was a probability for PRF finance to get an automatic endorsement without any worries. Bringing the price tag of Rs. 1900 Crores in market and was ongoing like a bull race between the contestants and PLL had been in a seek for huge estate ventures all over the country.
Source: NIMMA BENGALURU

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