Indian textiles manufacturer Alok Industries has begun discussions with major corporate groups and high net worth individuals for the sale of its property at Peninsula Business Park in central Mumbai, Business Standard reports. The company is seeking to raise approximately $180 million to $200 million from the sale.
Tishman Speyer Properties, the largest global real estate fund, Morgan Stanley and state-owned Government of Singapore Investment Corp. had earlier shown interest in acquiring the property. Talks with Tishman Speyer could not succeed over valuation differences and regulatory issues. The asset was developed by Peninsula Land Holdings.
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