Comments
Global private equity firm Warburg Pincus has invested ₹1,800 crore in Piramal Realty, the real estate development arm of Piramal Group, for an undisclosed minority stake.
The capital raised will be used to expand Piramal Realty’s portfolio and acquire marquee land parcels in and around Mumbai.
Founded in 2011, Piramal Realty is a Mumbai-based developer that has over 10 million square feet under development in prime areas of Byculla, Thane, Worli, BKC and Mulund. Niten Malhan, co-head of India, Warburg Pincus, said, “We invest in companies with high growth potential and believe that Piramal Realty is best positioned to achieve leadership in one of the world’s most attractive real estate markets.”
Industry sources indicated that as part of the deal, New York-headquartered Warburg Pincus will get two seats in Piramal Realty’s board.
Ajay Piramal, Chairman of the Piramal Group, said, “We are delighted to partner with Warburg Pincus for a second time: the first was when they invested in Piramal Healthcare in 1997, and now with Piramal Realty. Warburg Pincus’ investment and expertise will raise the level of real estate in India to international standards, as it has done in other industries such as telecom, financial services and pharmaceuticals.”
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.