GEM Group Extends Line Of Credit To Royal Indian Raj International
The Royal Indian Raj International Corporation (RIRIC) today announced that the GEM Global Yield Fund through GEM Group in New York has extended RIRIC’s GBP 300 million (US$547 million) equity commitment structured as an equity line of credit through UK-based GEM Global Emerging Markets’ Global Yield Fund.
The equity line, one of several instruments RIRIC is using to develop planned, private cities and its Royal Garden Villas & Resort developments in India, and will be utilized for the inaugural Royal Garden City in Bangalore, which is expected to commence in 2008.
“We are delighted to be working with GEM to develop the New India,” said Manoj Benjamin, Chairman of Royal Indian Raj International Corporation. “Our strategic partnership will help us realize our goal of modernizing housing and businesses in this country. A cornerstone of the announcement is GEM’s full support of creating an economic and technological connection between East and West, with a focus on creating thousands and thousands of jobs.”
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