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IndiaReit Plans 500-Cr Realty Fund

Deepali Gupta, Mumbai, The Economic Times

September 29, 2011


IndiaReit Fund, a subsidiary of Piramal Healthcare, plans to raise a fund of . 500 crore starting next month to invest in commercial property. The company will also raise . 1,000 crore next year for development projects, primarily residential, its chief executive officer Ramesh T Jogani has said.
The company has recently invested
. 90 crore in a slum redevelopment project at Chembur in Mumbai with Aristo Developers, an existing partner of the company. IndiaReit was a privately-owned enterprise of the Piramals, but it has been folded into a subidiary Piramal Healthcare recently.
Piramal Healthcare sold a large piece of its pharmaceutical business, domestic formulations, to Abbott Laboratories in May last year for an upfront payment of around . 12,000 crore.