Piramal Enterprises and Ivanhoe Cambridge, a real estate subsidiary of CDPQ (Caisse de Depot et Placement du Quebec) have made an equity investment of Rs 500 crore from the Piramal Ivanhoe Residential Equity Fund towards Palava, a smart city developed by Lodha group.
Piramal Enterprises had earlier set up a strategic co-investment fund with Ivanhoe Cambridge to provide long term equity capital to blue chip residential developers across the five major metro cities Mumbai, Bengaluru, NCR, Pune and Chennai. Ivanhoe Cambridge had allocated an initial $250 million in this fund.
Piramal Enterprises is one of India’s large diversified companies, with a presence in Pharmaceuticals, Healthcare Information Management and Financial Services.
