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Ackruti City gets Rs1,000 cr funding

Ackruti City gets Rs1,000 cr funding
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First Published: Thu, Dec 24 2009. 10 47 PM IST
Updated: Thu, Dec 24 2009. 10 48 PM IST
Mumbai: Real estate firm Ackruti City Ltd has received a funding of 10 billion rupees for 15 projects and is in talks to raise funds for another 3-4 projects, a top official said late on Wednesday. “We have achieved financial closure of around Rs1,000 crore (10 billion) from various banks and financial institutions. The funding has been received for 15 commercial and commercial projects in Mumbai, Thane and Pune regions, Ackruti chief financial officer Bharat Mody told Reuters.
The real estate firm received funding from State Bank of India, Union Bank of India, Canara Bank, Bank of India, Indus Bank, Indian Overseas Bank and IFCL, he said.
Ackruti is building 12 million square feet of residential and commercial properties, of which 3.5 million is in Pune and the rest in Mumbai and Thane regions.
The company is in talks with various banks and financial institutions for raising funds for another 3-4 projects, Mody added.
Ackruti is also lining up another 6-7 residential and commercial projects for the next quarter, he said. On Monday, Ackruti City managing director Vyomesh Shah had told reporters the company would look at private equity funding for its projects that would cost over $60 million to $150 million.
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First Published: Thu, Dec 24 2009. 10 47 PM IST