Royal Indian Raj International Corporation

Royal Indian Raj International Corporation

March 14, 2007 18:00 ET

GEM Group Extends GBP 300 Million Equity Line of Credit to Royal Indian Raj International Corporation for an Additional Multi-Year Term

VANCOUVER, BRITISH COLUMBIA and NEW YORK, NEW YORK--(CCNMatthews - March 14, 2007) - The Royal Indian Raj International Corporation (RIRIC) today announced that the GEM Global Yield Fund through GEM Group in New York has extended RIRIC's GBP 300 million (US$547 million) equity commitment structured as an equity line of credit through UK-based GEM Global Emerging Markets' Global Yield Fund.

The equity line, one of several instruments RIRIC is using to develop planned, private cities and its Royal Garden Villas & Resort developments in India, and will be utilized for the inaugural Royal Garden City in Bangalore, which is expected to commence in 2008.

"We are delighted to be working with GEM to develop the New India," said Manoj Benjamin, Chairman of Royal Indian Raj International Corporation. "Our strategic partnership will help us realize our goal of modernizing housing and businesses in this country. A cornerstone of the announcement is GEM's full support of creating an economic and technological connection between East and West, with a focus on creating thousands and thousands of jobs."

About the GEM Group

GEM is a $1.8B private investment group specializing in control, minority, and public market investing. The scope of the Group's activities is both domestic and international and spans a diverse array of industries and transactional structures. GEM has offices in New York, London and Paris. Each GEM office is staffed by local people who understand the business culture and local legal practices of their countries. GEM has cultivated very close relationships with leading organizations that provide support for investments, facilitating local due diligence and monitoring investments.

About Royal Indian Raj International Corporation

Royal Indian Raj International Corporation, (RIRIC), incorporated in Nevada, USA, in March 1999 with offices in Vancouver, London, and Bangalore, India, maintains a country-specific, 5-sector heavy infrastructure orientation, focused on the free world's largest emerging market, India. The company's goal is to develop the New India by modernizing housing and businesses and realizing self-sustaining cities of the future. RIRIC implements leading-edge technologies and products in strategic alliance with world-class international corporations. Partnered with these international leaders in their respective fields, RIRIC is focused on five of India's priority infrastructure sectors using a vertically integrated business strategy: Urban Infrastructure & Housing, Road Building & Recycling, Broadband Communications & IT Networks, eCommerce/IT & Education Applications, and Broadcast Content, Entertainment & Theme Parks.

RIRIC's city projects, Royal Garden City - Bangalore, and the Royal Garden Marina City and Financial Harbor - Mumbai, are the first of six cities planned by the company. RGC Bangalore is a 3,000 acre sub-city development situated between downtown Bangalore and the new Bangalore International Airport. The USD $8.97 billion integrated Live/Work/Play development features over 146.36 Million Sq. Ft. of residential, commercial and industrial space to accommodate the burgeoning Bangalore market and has been planned and designed by the former Singapore Public Works Dept. The project is fifteen times the size of Canary Wharf in London, England.

Royal Garden Marina City and Financial Harbor, covering an area of 5,000 acres, is situated 16 nautical miles from the Gateway of India in downtown, Mumbai. It will be Asia's largest real estate development and India's first smart city, with 22.8 million square meters of high-tech retail, medical, education and housing facilities. The project comprises over 50,000 residential units, a central business district, industrial district, entertainment district, parks, restaurants, shopping, educational facilities and civic amenities. An estimated 400,000 to 600,000 people are expected to live, work and play within the city daily.

Royal Indian Raj International Corporation (RIRIC) is currently selling Phase I of its inaugural Royal Garden Villas & Resorts project in Bangalore. Phase II and III will be hitting the markets in Q2 of 2007 as will its Royal Garden Villas and Resorts Hyderabad development situated on 450 acres near the new Hyderabad International Airport. RIRIC will also be launching its Royal Garden Villas and Resorts brand in Mumbai, Goa, Delhi, Chennai and Pune over the next 12-18 months.

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