Peninsula Land, Delta Corp & AA Group start Rs 7.65 bn realty platform

13 May 2024 CW Team

The newly formed entity will focus on two key areas: residential redevelopment within the Mumbai Metropolitan Region (MMR) and plotted development in areas surrounding Mumbai, including Alibaug, Khopoli, Karjat, and Pune.

AA Group will contribute the majority share, investing up to Rs 4.5 billion through its affiliates, including Arsenio Strategies and its managed funds. Peninsula Land and Delta Corp will invest Rs 2.25 billion and Rs 900 million respectively. Additionally, Peninsula Land will leverage its expertise by providing development management services for the platform.

?This new platform will leverage the combined expertise of all parties in project selection, funding and development to unlock the value that exists in real estate today, especially for companies that have a track record of project delivery and the necessary financial resources to execute them in a timely manner,? said Rajeev Piramal, VC & MD, Peninsula Land.

Beyond financial investment, Delta Corp will bring its real estate expertise to the table. Their contribution will be particularly valuable in selecting and developing projects undertaken by the platform.

Separately, Peninsula Land has secured Rs 1.5 billion through optionally convertible debentures issued to AA Group's Arsenio Strategies. This funding bolsters Peninsula Land's financial position.

In November 2023, Delta Corp had planned a separate joint venture with Peninsula Land, with Delta Corp holding a majority stake. However, with the formation of this larger platform, Delta Corp has decided to forego the earlier joint venture agreement. They believe the new platform offers a more prominent and financially prudent approach, while still allowing them to collaborate with Peninsula Land.

Delta Corp emphasises that their core business of gaming and allied hospitality remains their primary focus. While they will be actively involved in the real estate platform, the majority of their capital expenditure and investments will be directed towards expanding their core operations.

(Source: Economic Times)

Ashok Piramal Group's Peninsula Land, Delta Corp and Alpha Alternatives Fund Advisors (AA Group) are forming a real estate development platform with a joint investment of Rs 7.65 billion. This collaboration signifies a new chapter for these companies in the property market. The newly formed entity will focus on two key areas: residential redevelopment within the Mumbai Metropolitan Region (MMR) and plotted development in areas surrounding Mumbai, including Alibaug, Khopoli, Karjat, and Pune. AA Group will contribute the majority share, investing up to Rs 4.5 billion through its affiliates, including Arsenio Strategies and its managed funds. Peninsula Land and Delta Corp will invest Rs 2.25 billion and Rs 900 million respectively. Additionally, Peninsula Land will leverage its expertise by providing development management services for the platform. ?This new platform will leverage the combined expertise of all parties in project selection, funding and development to unlock the value that exists in real estate today, especially for companies that have a track record of project delivery and the necessary financial resources to execute them in a timely manner,? said Rajeev Piramal, VC & MD, Peninsula Land. Beyond financial investment, Delta Corp will bring its real estate expertise to the table. Their contribution will be particularly valuable in selecting and developing projects undertaken by the platform. Separately, Peninsula Land has secured Rs 1.5 billion through optionally convertible debentures issued to AA Group's Arsenio Strategies. This funding bolsters Peninsula Land's financial position. In November 2023, Delta Corp had planned a separate joint venture with Peninsula Land, with Delta Corp holding a majority stake. However, with the formation of this larger platform, Delta Corp has decided to forego the earlier joint venture agreement. They believe the new platform offers a more prominent and financially prudent approach, while still allowing them to collaborate with Peninsula Land. Delta Corp emphasises that their core business of gaming and allied hospitality remains their primary focus. While they will be actively involved in the real estate platform, the majority of their capital expenditure and investments will be directed towards expanding their core operations. (Source: Economic Times)

Infrastructure Transport

17 Sep 2025

Titagarh Rail Systems Launches Third Diving Support Craft for Indian Navy

Titagarh Rail Systems (TRSL) marked another milestone in its shipbuilding journey with the launch of the third indigenously built Diving Support Craft (DSC) for the Indian Navy. The vessel is part of a series of five DSCs being constructed by TRSL under the Ministry of Defence’s Make in India initiative.The launch ceremony was graced by Kangana Berry, wife of Vice Admiral Suraj Berry, AVSM, NM, VSM, Commander-in-Chief, who performed the traditional naming and launch. The vessel was side-launched into the Hooghly River at 16:10 hrs.Diving Support Crafts are catamaran-type vessels designed wit..

Infrastructure Transport

17 Sep 2025

Concord Control Systems Secures First Kavach 4.0 Order via Progota India

Concord Control Systems (CNCRD), a leading manufacturer of embedded electronic systems and critical electronic solutions, has secured its first order for Kavach 4.0 through associate company Progota India. Valued at Rs 190.45 million, the order represents the start of large-scale implementation opportunities for advanced railway safety systems in India.With this milestone, Concord will become one of the few railway companies to have a fully developed Kavach system approved for supply to Indian Railways. The next-generation Kavach has successfully advanced through the stringent approval journey..

Infrastructure Urban

17 Sep 2025

Awfis Delivers 67,000 sq ft Innovation Hub for eBay in Bengaluru

Awfis Space Solutions, India’s largest flexible workspace provider and the country’s first publicly listed workspace solutions platform, has added eBay to its growing list of prestigious global capability centre (GCC) clients. Awfis has designed, built, and will manage a ~67,000 sq ft innovation hub for eBay at Embassy Tech Village, Bengaluru, supporting the e-commerce leader’s AI-first commerce strategy.The new centre will function as a strategic hub, advancing artificial intelligence, engineering, product development, and applied research, while further strengthening eBay’s growth in..