Piramal arm to invest Rs 350 crore in Cornerstone’s Bengaluru project
BENGALURU: Piramal Fund Management, the real estate investment arm of Ajay Piramal Group, is close to investing about Rs 350 crore in an integrated township of property developer and land owner Cornerstone Group, according to people familiar with the matter.
The project, to be spread across 1,000 acres on the outskirts of the city near the Bengaluru International Airport, will be known as the knowledge city. Cornerstone, the builder, will provide the common infrastructure and invite sub developers to develop retail, medical, IT SEZ and office space.
Cornerstone is looking to raise about Rs 1,200 crore in three to four tranches to create the infrastructure over the next year and Piramal has agreed to fund the first phase, the source added. Cornerstone declined to comment while Piramal said it does not comment on market speculation.