Alliance to Develop Projects in Chennai, Raises Rs. 200 Cr By Way of Non Convertible Debentures.

Real Estate developer Alliance Group will be investing a part of Rs. 200 crore fund that they have raised to develop a 10acre land project in Chennai, according to chairman and managing director of Alliance Group Manoj Sai Namburu.

Addressing a press conference Namburu said that Alliance has raised Rs. 200 crore by way of non-convertible debentures from a consortium of institutions consisting of Indostar Capital Finance Limited and Reliance Capital Limited for funding the group's expansion activities.

He said the fund would also be used to develop a 40 acre land in Hannur-Banaswadi Road in Bangalore.

He also said the company has 1.04 crore square feet of projects worth Rs. 5,000 crore under execution at various stages in Chennai alone. He said the vision is to become the largest developer in Chennai by 2016.

Talking about the project coming up in Pallavaram-Radial Road in Chennai, he said that the project is different from the existing Alliance Galleria residences. It will be compact with the minimum size of the units will be in the range of 650 square feet to 1350 square feet.

He also said that Alliance is planning a large project in Thiruvallur.

'We have a parcel of 16 acres of land in the heart of Thiruvallur. We are focussing on 500 to 600 units an these are in the design stage,' he said.


THE NEW INDIAN EXPRESS