NEW DELHI: Piramal Enterprises on Wednesday announced that it has infused around $171 million (Rs 1,100 crore), into real estate developer Embassy Group’s projects.
The developments, spread across Chennai, Bengaluru and Hyderabad, are both in the commercial as well as residential segments.
According to Mumbai-based Piramal’s statement, the investment includes Rs 360 crore for a residential project in Chennai, which is spread across 25 acres with a built up area of 0.3 million sq ft.
In Hyderabad, the firm is investing in the Phoenix-Embassy, a joint venture between Embassy and Phoenix Group of Hyderabad which is developing 1.5 million sq ft of grade with potential for an additional 4 million sq ft.
Piramal has provided Rs 650 crore to Bengaluru-based Embassy Group as growth capital.
Industry sources say that the Embassy Group has delivered roughly 30 million sq ft of commercial office space and 6 million sq ft of premium residential space. In the pipeline are nearly 17 million sq ft of commercial projects in Bengaluru, Hyderabad and Chennai.
This is not Piramal Group’s first serious foray into the real estate sector.
Piramal Fund Management, the real estate funding arm of the group recently invested Rs 1,020 crore across projects of Wadhwa Group and ASF Group while also signing a platform deal with Ivanhoé Cambridge, a real estate subsidiary of Canadian pension fund Caisse de dépôt et placement du Québec, to provide long-term equity capital to residential property developers in India.