Piramal Enterprises and Canadian fund CDPQ Tuesday announced Rs 500 crore equity investment into an integrated township developed by realty major Lodha Developers in the Mumbai Metropolitan Region (MMR).
Piramal Enterprises Ltd (PEL) and Ivanho Cambridge, a real estate subsidiary of CDPQ (Caisse de Dpt et Placement du Qubec), 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 group, in its statement, did not disclose the equity stake acquired by the fund in this project through this investment.
Piramal Enterprises had earlier set up a strategic co-investment fund with Ivanho Cambridge to provide long term equity capital to blue chip residential developers across the five major metro cities Mumbai, Bengaluru, NCR, Pune and Chennai. Ivanho Cambridge had allocated an initial USD 250 million in this fund.
This is the first deal through Piramal Ivanhoe Residential Equity Fund, said Khushru Jijina, Managing Director, Piramal Capital & Housing Finance Ltd, said
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