Delta Corp has entered into an agreement for making an investment in the real estate development company Peninsula Land (PLL), which marks its entry into the real estate sector. As part of this strategic collaboration, the developer would be issuing equity shares and compulsorily convertible debentures (CCDs) to Delta to raise Rs 100 crore.

PLL, with its vast real estate experience and strong operational performance across asset classes, will use the funding as growth capital. In addition to this, Peninsula Land and Delta Corp have also proposed a joint venture (JV) with a combined investment of Rs 250 crore, making Delta the majority partner in the proposed JV, while PLL will be the development manager for projects to be undertaken. Delta Corp is already a member of the promoter group of Peninsula Land.

Through this venture, the Jaydev Mody-led company is positioned to unlock value in the new phase of growth in India's realty space and the move will leverage Delta’s track record and promoter’s industry experience. 

In the residential segment, PLL has built, sold and handed over homes ranging from Rs 20 lakh in the affordable category to Rs 50 crore in the super luxury category across several products including apartments, row houses, plots and villas. 

Peninsula Land has projects across Mumbai, Pune, Bangalore, Lonavala, Nashik, and Goa. The company has, to date, delivered over 10.6 million sq. ft. of real estate across key cities, with Ashok Towers, Ashok Gardens, Peninsula Business Park, and others as notable projects.