VCCircle

Bangalore-based QVC Realty Pvt. Ltd, a real estate investment company incubated with $100 million funding from IL&FS Investment Managers (IIML), plans to invest $150-200 million in 2008 in new and existing projects, reports Mint. It has already committed $80 million to date. QVC says it will launch four new projects next year. The projects would be in north Bangalore, Hyderabad, Chennai and either Pune, or Indore. The company will begin its next project in Chikmangloor, in Karnataka, within six months.
The 150-acre project is a "second homes" project, also including a nine-hole golf course and a resort. QVC said it will seek a partner for running the resort once it becomes functional. The real estate firm said it has a land pool of 300 acres. It will go for a second round of funding by mid-2008 and plans to raise up to $200 million. QVC may also resort to market in order to raise funds. There have been earlier reports of QVC looking to raise $200 million in its second round of funding.