JM financial's Realty projects to be completed by year 2010

Mumbai,July 16 (UNI) The proposed Rs 560 crore real estate investment proposals of JM Financial, which recently received a nod from the Union government, will be completed by 2010, according to Nimesh Kampani, the company Chairman.

Speaking on the sidelines of JM Financial Mutual fund's New Fund Offer (NFO) launching here, Kampani told UNI the projects will be carried out in Pune, Mumbai, Bangalore, Vizag, Mysore and Chennai.

''These (projects) will be completed in two and half to three years. The Mumbai (Powai) and Chennai projects include both commercial and residential projects, while the Vizag project is a residential project.'', he said.

The company will reportedly infuse Rs 560 crore from Mauritius-based JM Financial India property fund for the projects.

The union government had approved 29 proposals of foreign direct investments (FDI) including that of JM Financial earlier this year .

The proposals were approved after the Foreign Investment Promotion Board (FIPB) recommended these to the government.

UNI