Piramal, CDPQ arm join hands to invest Rs 500 crore in Lodha project

Ajay Piramal-led Piramal Enterprises and Ivanhoé Cambridge, a real estate subsidiary of Canadian investor CDPQ (Caisse de Dépôt et Placement du Québec), have invested Rs 500 crore in a residential project, Palava City, being developed by Lodha Developers on the outskirts of Mumbai.

The fundraising comes after Lodha deferred its plans to raise Rs 5,000 crore last year due to volatility in the stock markets. Lodha had a debt of Rs 23,100 crore as of March last year.

The firm is also selling its London properties to shore up liquidity. Property developers have been facing tight liquidity after the recent