This has been done across residential, commercial projects in Bengaluru, Chennai and Hyderabad
Piramal Finance (PFL), the lending arm of Piramal Enterprises, on Wednesday said that it has financed Rs 1,100 crore to Bengaluru-based Embassy Group. This funding has been done sequentially across both residential and commercial projects in Bengaluru, Chennai and Hyderabad over the past six months.
Piramal first gave Rs 360 crore to Embassy Residences in Chennai — a premium residential project spread over 25 acres with 0.3 million square feet (sq ft) of built-up area and followed up with an investment in Phoenix-Embassy, which is a joint venture between Embassy and Phoenix Group of Hyderabad.
The JV is developing 1.5 million sq ft of grade-A commercial space in the financial district of Hyderabad with a potential to develop a further 4 million sq ft. Subsequently, PFL has provided Rs 650 crore of growth capital to the Embassy Group in Bengaluru.
The Embassy Group is one of India’s largest commercial real estate developers that has delivered 30 million sq ft of marquee commercial office space and 6 million sq ft of premium residential developments. The Group has a pipeline of 17 million sq. ft. of commercial developments in Bengaluru, Hyderabad and Chennai.
PFL Managing Director (MD) Khushru Jijina said, "We are pleased to have extended our relationship with the Embassy Group and look forward to a long and mutually beneficial association. I have always admired Jitu Virwani’s vision, track record and execution capabilities and we are happy to provide them with customised financial solutions as they scale up their presence across both residential and commercial segments.”
Jitu Virwani, chairman and MD, Embassy Group said, "We are delighted to be working closely with a large diversified conglomerate like the Piramal Group, which is known for structuring capabilities and quick turnaround time. We look forward to leveraging their capabilities as we partner with them on our growth capital requirements going forward.”
Courtesy: http://www.business-standard.com published on June 07, 2017