Piramal forays into financing
Ajay Piramal, who sold his drug formulation venture to Abbott five years ago for $3.7 billion, has been planning to make it big in real estate and financial service businesses. He has just now floated a Rs 150 billion fund…

Ajay Piramal, who sold his drug formulation venture to Abbott five years ago for $3.7 billion, has been planning to make it big in real estate and financial service businesses.

He has just now floated a Rs 150 billion fund aimed at financing real estate developers. He is also looking to turn venture capitalist in a bid to ride the start-up wave.

Under a programme called ‘Piramal Preferred Partner’, Piramal Fund Management, an arm of Piramal Enterprises Ltd, will allow selected existing development partners to draw from a pre-sanctioned limit to pursue acquisitions.

Though the company declined to name the developers, Piramal Fund Management has previously invested in developers like Omkar and Century Real Estate, among others.

“The market has been consolidating in the last couple of months,” Khushru Jijina, Managing Director, Piramal Fund Management, told BusinessLine..

“Developers have been undertaking joint development and also sealing deals in the real estate sector. Our effort is to give a fillip to such deals for developers who can go ahead without worry,” he said.

“The corpus will be entirely from our balance sheet,” he said, adding that during the first phase, the company will be tying up with 8-10 leading developers in the top five markets.

“We will be looking at developers with whom we already have existing development partnerships,” he said.

Asked whether the funding will be for residential or commercial developers, Jijina said the company was eyeing developers who had large exposures in the residential segment.

Related Articles

Related

Finding the right Due Diligence Tools

Choosing the best research tools for your enterprise can help reduce the time and effort you spend on exploration. These tools help you to get a better thought of a industry’s connections, financial performance, and legal record. They also allow you to identify a...

read more

TotalAV Antivirus Review

Designed with convenience in mind, TotalAV is a great antivirus collection that offers thorough Learn More Here protection against viruses, malware, malware, plus more. It features an straightforward user interface and a wide range of features to help shield your...

read more

The right way to Conduct a Board Gatherings Overview

During a table meetings overview, directors of a company discuss their latest efficiency, new business options and possible plans for you can actually future. The board also evaluates current and past strategies. The results is a strategy for you can actually growth....

read more

0 Comments

Submit a Comment

Your email address will not be published.

Share This