British billionaire Richard Branson's Virgin Group aims to raise 700 million pounds ($900 million) to fund its bid to launch cross-channel rail services to compete with Eurostar, the Financial Times reported on Sunday.

Sir Richard Branson’s Virgin Group is looking to raise £700mn to fund its bid to launch new cross-channel rail services to compete with Eurostar. Virgin Group told the Financial Times that it intends to raise £300mn in equity and £400mn in debt, and that it plans to be a cornerstone equity investor in the project.

Virgin Group Seeks 700M to Challenge Eurostar with Cross-Channel Rail Service Virgin Group, led by British billionaire Richard Branson, is aiming to raise 700 million ($900 million) to launch a high-speed rail

By Rishabh Jaiswal (Reuters) -British billionaire Richard Branson's Virgin Group aims to raise 700 million pounds ($900 million) to fund its plan to launch cross-channel rail services as it looks to compete with Eurostar,

The Virgin Group is hoping to raise £700 million ($1.4 billion) to launch a new cross-channel rail service that would compete with Eurostar, according to a report by the Financial Times.

British billionaire Richard Branson’s Virgin Group aims to raise £700 million (RM3.9 billion) to fund its bid to launch cross-channel rail services