Omkar projects receive Rs 550 cr

Mumbai-based Omkar Realtors & Developers has announced its plans to raise about Rs 200 crore through private equity. The group has just achieved financial closure worth Rs 550 crore for its two upcoming projects in Malad and Worli in Mumbai. The company has secured this fund from a private sector bank and two public sector banks. Omkar is also looking at project stake sale at special purpose vehicle level. The group is currently developing a land bank worth 10 mn sq ft and plans to launch six-seven projects within the next six months. At present, it is developing projects of about 10 mn sq ft in and around Mumbai. Contact: Omkar Realtors & Developers Pvt Ltd. Tel: 022-2403 5891. Website: www.omkar.net.in