| Hiranandanis invest Rs 783cr in Navi Mumbai |
| BS Reporter / New Delhi October 25, 2007 |
| Hirco Plc, the investment vehicle of the Hiranandani Group of Mumbai, today announced an investment of 96.6 million pound (approximately Rs 783 crore) in a township project at Panvel, Navi Mumbai. Christened Panvel Residential, the development will consist of 18.3 million square feet of residential and retail space on 280 acre land. Hirco had raised approximately 360 million pound from an IPO at London's Alternative Investment Market (AIM). Since then, Hirco has invested approximately 350.8 million pound, which represents 97% of the net funds raised from the IPO. The investment in the township had been identified as a pipeline project at the time of Hirco |
