In a bid to finance its construction projects, Piramal Fund Management, a unit of Piramal Enterprises, is planning to invest around Rs 5,000 crore amounting $803 million before March 2016. The fund manager would invest Rs 1,100 crore to finance nine construction projects across major Indian cities.
The projects are a mix of late-stage and mid-market residential developments, including at suburban locations, with a completion timeframe of 3 to 5 years. The projects are in Mumbai, Delhi, Bangalore, Pune and Chennai. The company will eventually expand financing to smaller cities such as Jaipur, Ahmedabad, Nagpur and Hyderabad.
Piramal Enterprises is one of India’s largest diversified companies, with a presence in pharmaceutical, financial services and healthcare information management sectors.
