Motilal Oswal provides loan of Rs.83 crore to Chennai Developer.

By Abhay Harish Shah , Realty Quarter

Motilal Oswal Financial Services Ltd (MOFSL) is an all-around enhanced monetary administrations organization offering a scope of money related items and administrations, for example, Private Wealth Management Retail Broking and Distribution Institutional Broking Asset Management Investment Banking Private Equity Commodity Broking Currency Broking and Home Finance.

Motilal Oswal Financial Services is headquartered in Mumbai and has a network spread more than 600 urban areas and towns including 2400+ Business Locations and in excess of 9 lakh enlisted clients.

Recently, Motilal Oswal Real Estate (MORE) has given a loan sum of Rs. 83 crores ($12 million at current conversion scale) to three projects of Chennai-based designer known as Radiance Group. This is a venture done by Motilal Oswal group.

Mr Sharad Mittal (CEO of MORE) says “The sum, contributed by the private equity real estate fund through India Realty Excellence Fund III (IREF III) and India Realty Excellence Fund IV (IREF IV), has been used essentially to obtain land packages to create three mid-salary lodging ventures in Chennai. “Brilliance is one of the main engineers in Chennai, and it appreciates extremely decent notoriety in south India. The venture is another relationship for us and we are resolved to build it further throughout the following couple of years”.

Motilal Oswal Real Estate is overseeing four assets – IREF, IREF-II, IREF-III and IREF-IV – alongside exclusive speculations. Its assets under administration remain at more than Rs 2,800 crore. The reserve house as of late declared the first close of its fourth fund, IREF IV, at Rs 575 crore and is hoping to accomplish the final close by the end of this financial year.