Royal India Corporation invests Rs 450 crore on a residential project in Kalyan
NEW DELHI: Royal India Corporation (RICL) looks to generate revenue of Rs 175 crore from its Kalyan Marina project situated in Kalyan, Maharashtra.
The company has invested Rs 450 crore in the project spread across 2.2 acre plot. It has development potential of five lakh sq ft.
Sunder Iyer and Mangal Keshav’s family offices are key investors in this venture. They will be the largest non-promoter shareholders after the preferential issue of Rs 100 crore which is due to open post April 25, 2024.
The promoters are also increasing their stake in the company by 5% from the following preferential offer.
