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Piramal arm to put Rs 350 crore in Cornerstone’s Bengaluru venture

May 24, 2016 | By

Piramal Fund Management, the land speculation arm of Ajay Piramal Group, is near putting about Rs 350 crore in a coordinated township of property engineer and land proprietor Cornerstone Group, as indicated by individuals acquainted with the matter.

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The undertaking, to be spread crosswise over 1,000 sections of land on the edges of the city close to the Bengaluru International Airport, will be known as the learning city. Foundation, the manufacturer, will give the basic framework and welcome sub engineers to grow retail, therapeutic, IT SEZ and office space.

Foundation is hoping to raise about Rs 1,200 crore in three to four tranches to make the framework throughout the following year and Piramal has consented to subsidize the main stage, the source included. Foundation declined to remark while Piramal said it doesn’t remark on business sector hypothesis.

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