The Kirloskar group is making a foray into real estate development in association with New York-based Chatterjee group, an affiliate of Soros Fund Management.
The two have joined hands for the Kirloskar Business Park slated to come up on a 38-acre property on Bellary Road in Bangalore.
The project, to be completed over 10-15 years, has a total outlay of about Rs 350 crore.
"This is Kirloskar group's first real estate project. All government clearances have been obtained. We are already talking to corporates (for occupancy)," Kirloskar Systems Ltd dire-
ctor Vikram Kirloskar said at a press briefing in New Delhi yesterday.
The development team is a joint venture between Embassy Group, a Bangalore-based developer, and TCG Developments in conjunction with UrbaCon Developments (UK) Ltd, an associate of the Chatterjee Group.
The first phase of the project, to be executed over two years, has an outlay of about Rs 40 crore. The funding is through a combination of debt and equity from promoters and loans from financial institutions.
Hudco has already granted an in-principle approval of Rs 10 crore and the Karnataka State Industrial Investment Development Corporation has agreed to provide Rs 4 crore. ith Salem
