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Plans townships in Gurgaon, Bangalore

Mumbai April 12 IL&FS Investment Managers Ltd (IIML) has decided to place $100 million in the two-month-old QVC Realty even as the company has to decide on its equity structure post-investment.

"We will soon be taking up township projects in Gurgaon and Bangalore spread over 100 acres each. The land acquisition for the Gurgaon project has been completed at Rs 4 crore while negotiations are on for land in Bangalore," said Mr Prakash Gurbaxani, CEO of Bangalore-based QVC Realty.

IIML is the private equity investment arm of Infrastructure Leasing & Financial Services Ltd. IIML manages $900 million fund and it recently raised over $500 million to invest in realty.

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