Ackruti City has roped in Pacifica Fund and Beekman Helix for its proposed real estate venture capital (VC) fund as it is likely to raise Rs 250 crore to fund projects.

The funds are likely to be used for the 3-4 new projects the company is planning to launch. Ackruti City has sought Securities and Exchange Board of India's approval for its proposed real estate VC fund. The fund will be around Rs 400-500 crore, depending on the response from the investors.

Meanwhile, the company is planning to build bus terminals for Gujarat State Road Transport Corporation in the next 3-6 months and more than five million sq ft of mix-use development across Surat, Baroda, Ahmedabad and Mehsana districts of the state.

Also, it is waiting the regulatory nod for a 125-storey residential tower in Mumbai, where it plans to build around 2-million sq ft of apartment space jointly with DLF and Shapoorji Pallonji.

The company has also bid for redevelopment of around 10 million square feet in suburban Bandra.

Also See:

Ackruti City chalks out capex plan (26-December-09)