De-risking exercise: Piramal reduces exposure to residential real estate

Piramal Enterprises has reduced its exposure to residential real estate, as part of its strategy to de-risk its portfolio. 

Piramal’s exposure to Lodha has reduced to Rs 3,180 crore from Rs 4,300 crore in October 2018, and it plans to reduce it further to Rs 2,600 crore by September 2019, said Khushru Jijina, managing director of Piramal Capital & Housing Finance, in an earnings call with investors. Since March this year, exposure to Lodha has dropped by over Rs 700 crore, of which Rs 532 crore was from down-selling to Goldman Sachs and the balance through repayments and pre-payments from