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Piramal, IIFL Wealth seek to raise 20B rupees for alternative investment fund

Piramal Group and IIFL Wealth Management Ltd. are aiming to raise 20 billion rupees for an alternative investment fund to back advance stage or last-mile realty projects in India's key cities.

According to a Dec. 11 media release, the group will also use external capital on a fund or co-investment basis alongside its lending business.

As of Dec. 11, US$1 was equivalent to 70.76 rupees.