Peninsula Land clarifies on news item regarding realty plunge

With reference to the news item appearing in leading financial daily titled "Peninsula Land plans Rs 2,500-cr realty plunge", Peninsula Land Ltd has clarified as under:

1. Ashok Piramal Group has floated a Venture capital Fund - Peninsula Realty Fund, which will be floating two schemes - domestic and off-shore through which it expects to raise approximately Rs 500 crores and US $ 350 million respectively. The Company is Committed to co-invest upto 25% in every investment made by the fund. The Company has set up a subsidiary - Peninsula Investment Management Company Ltd, which will manage the real estate fund. The Company wilt also be undertaking project management of projects invested by the fund.

2. As regards the statement attributed to the Company's Vice Chairman is concerned, the Company has correctly stated the same as under:

"To start with, we will only be investing in projects in tier-I cities like Mumbai, Pune, Ahmedabad, Hyderabad, Chennai and Bangalore. We will be focusing on various Asset Classes viz - Residential, Commercial, IT Parks and Retail."

Source : Equity Bulls

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