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The board of directors of Delta Corp at its meeting held on 8 May 2024, approved the proposal for entering into a strategic partnership with Alpha Alternatives Fund Advisors LLP and its affiliates (including Arsenio Strategies) and any funds managed by Alpha Alternatives Fund Advisors LLP (collectively referred to as “AA Group”) and Peninsula Land (PLL) to establish a real estate development platform (RE Platform).
The RE Platform proposes to deploy an aggregate amount of up to Rs 765 crore in residential re-development in the Mumbai Metropolitan Region and plotted development in and around the Mumbai Metropolitan Region, Alibagh, Khopoli, Karjat, and Pune through one or more entities to be incorporated.
The RE Platform will be the exclusive vehicle for such projects, AA Group, PLL and the Company propose to contribute to the RE Platform up to an aggregate of Rs 450 crore (58.82%), Rs 225 crore (29.42%) and Rs 90 crore (11.76%), respectively, to the Platform as and when required.
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