Released on = July 17, 2006, 6:11 am

Press Release Author = Rashmi Sen

Industry = Real Estate

Press Release Summary = MUMBAI, July 17, 2006 -- Morgan Stanley Real Estate today
announced that it has
invested approximately Rs. 300 Crores (around US$65 million) in Alpha G:Corp
Development Private Limited ("Alpha"), a private New Delhi-based real estate
development management company and an affiliate of the G:Corp Group.

Press Release Body = MUMBAI, July 17, 2006 -- Morgan Stanley Real Estate today
announced that it has
invested approximately Rs. 300 Crores (around US$65 million) in Alpha G:Corp
Development Private Limited ("Alpha"), a private New Delhi-based real estate
development management company and an affiliate of the G:Corp Group. Alpha was
founded in 2003 by an experienced professional management team led by Colonel RS
Sodhi and Mr. SK Sayal and backed by Mr. Ghanshyam Sheth, the Mulji and Choudhurie
Families. Alpha provides comprehensive property development and management services
which include sourcing sites, planning, development, execution and marketing of real
estate projects to clients for a revenue-based development management fee. The
Company is currently executing townships, retail malls, office and residential
developments across various cities in Northern and Western India including Gurgaon,
Amritsar, Jaipur, Ahmedabad and others. Colonel RS Sodhi, Managing Director of
Alpha, commented, "India's rapid economic growth over the last few years has led to
increased employment options, higher purchasing power and enhanced lifestyle
aspirations in these cities. Availability of land, government incentives and limited
competition make these cities attractive investment destinations. We are very
excited about the partnership with Morgan Stanley Real Estate as this will allow
Alpha to further capitalize on this significant growth opportunity and at the same
time provide us access to Morgan Stanley's world-class global real estate
franchise." "Alpha represents an opportunity to partner with a best-in-class and
deeply experienced management team with a unique and highly scalable business model
in a region of the country where we continue to expect tremendous growth," said Zain
Fancy, Executive Director and Head of Morgan Stanley Real Estate in Asia-Pacific.
"We continue to believe India represents a compelling real estate investment
opportunity and this investment is a continuation of our India strategy." Mr. SK
Sayal, CEO of Alpha said, "The partnership will be integral to our ability to create
value by expanding our presence in North India and other key markets." Alpha's core
management team has been together for over ten years and was earlier a part of GESCO
Corporation (the de-merged real estate business of Great Eastern Shipping Co. Ltd.)
and subsequently Mahindra GESCO.
Contact: Media Relations
Nick Footitt (852) 2848 6847

For Immediate Release
"We are excited to be partnering with Morgan Stanley," said Mr. Ghanshyam Sheth,
Chairman of Alpha and G:Corp Group. "We believe that Morgan Stanley's real estate
experience and brand can add significant value to our operations. This relationship
is also
an important step in the diversification of our business. We plan to utilize our
partner's
relationships and global platform to strategically expand our business." Morgan
Stanley Real Estate is comprised of three major global businesses: Investing,
Banking, and Lending. Since 1991, Morgan Stanley has acquired $87.7 billion of
realestate assets worldwide and currently manages approximately $51 billion in real
estate assets on behalf of its clients. In addition, Morgan Stanley Real Estate
provides a complete
range of market-leading investment banking services to its clients including advice on
strategy, mergers, acquisitions and restructurings, as well as underwriting public and
private debt and equity financings. Morgan Stanley is also a global leader in real
estate
lending and, using its own capital, originated upwards of $33 billion in commercial
mortgages in 2005. For more information about Morgan Stanley Real Estate, go to
www.morganstanley.com/realestate. Morgan Stanley (NYSE: MS) is a global financial
services firm and a market leader in securities, investment management, and credit
services. With more than 600 offices in 30 countries, Morgan Stanley connects
people, ideas and capital to help clients achieve their financial aspirations. Since
its inception in 2003, Alpha has grown to a 50 employee strong organization with
plans to scale up to around 200 employees over the next two years. It has shown a
strong track record to-date having secured more than 450 acres of land with a
development
potential of around 15 million square feet.


Web Site = http://www.alphagcorp.com

Contact Details = Alpha G:CORP Development Private Limited
5, Aradhana Enclave
R.K.Puram, Sector-13
New Delhi-110066