Israeli firm to raise $700 mn for Indian realty

Eager to cash in on the Indian real estate boom, Israeli firm Clal Insurance Enterprises Holdings and other companies are raising a $700 million fund for invesments in India, a media report said.

Clal Insurance, which has invested $15 million in the international fund, has been seeking international investments for its reserves given the lack of worthwhile investments in Israel, the report said. It recently invested $20 million in AIG Inc's $500 million real estate fund, which mostly invests in seafront residential properties.