Piramal pushes Rs. 350cr in realty project

The real estate investment arm of Ajay Piramal, Piramal Fund Management, is all set to invest Rs. 350-cr in an integrated township of property developer and land owner Cornerstone Group, said sources adding that the project, after the latest funding infusion will be spread across 1,000 acres on the outskirts of the city near the Bengaluru International Airport, will be known as the knowledge city. The builder will create common infrastructure and invite sub developers to develop retail, medical, IT, SEZ and office space. As a matter of fact, Cornerstone is looking to raise about Rs. 1,200-cr in three to four tranches to create the infrastructure over the next year and Piramal has agreed to fund the first phase, the sources added.