Alliance Group raises Rs 200 crore

CHENNAI: Bangalore-based real estate developer Alliance Group has received Rs 200 crore funding from a consortium of institutions, a top company official said today.

"Alliance Group has raised Rs 200 crore funding by non-convertible debentures from Indostar Capital Finance Ltd and Reliance Capital Ltd. We will be using these funds to our upcoming projects," Alliance Group Chairman and Managing Director Manoj Sai Namburu told reporters.

"The funds are to be utilised for our projects coming up on a 10 acre land in 200 feet Pallavaram-Radial Road and also on a 40 acre land in Hannur-Banasvadi Road, Bangalore," he said.

"The deal took place in August 2014", he said ,adding the company has 1.04 crore square foot projects, worth Rs 5000 crore, under various stage of development in Chennai.