Piramal to back Chennai-based Appaswamy group, sanctions Rs 2 bn

Funding will help recipient firm acquire 3.34 acres in Chennai, develop a premium residential project with potential revenue in excess of Rs 10 bn

Piramal Capital & Housing Finance, a subsidiary of Piramal Enterprises Limited, has sanctioned a Rs 2 billion facility to the Appaswamy Group (Appaswamy) via a structured equity transaction to enable the acquisition of 3.34 acres (approximately 60 grounds) land in Chennai. 

Appaswamy acquired this land parcel on River View Road, Kotturpuram, from the TVH Group. The company plans to develop a premium residential project with potential sales revenue in excess of Rs 10 billion. 

Khushru Jijina, Managing Director, Piramal Capital & Housing Finance, said that within South India, Chennai is an important market for Piramal Capital & Housing Finance. "Since