Piramal Enterprises Limited said it will invest Rs 280 crore in Puranik Builders’ “Puranik City Reserva” project in Thane.
The investment, routed through Piramel Finance, will be modeled on the ‘financial partnership’ model, it said.
Puranik City Reserva is a theme-based ongoing project at Ghodbunder Road in Thane and is being developed on 13 acres of land with 2.2 mn sq.ft. development potential, the company said.
The development is worth Rs 2000 crores approximately and is to be completed over the next 6 to 7 yrs.
“The project has received a good response during its launch a couple of months back, and the construction on-site, is in full swing,” it said.
Puranik Builders is a real estate developer with a history of more than four decades.
The group has successfully developed over 4.5 million sq. ft. area and around 15 million sq. ft. area is under development in Thane, Pune, Lonavala, Karjat and Mumbai suburbs.
Piramal Finance is largely focused on corporate lending, and has invested in early stage equity to late stage debt, construction finance, lease rental discounting as well as bulk buying apartments.
“With this deal, it will help us to achieve a complete financial closure for the project,” said Shailesh Puranik, Managing Director, Puranik Group.
Piramal Enterprises Limited (PEL) is one of India’s large diversified companies, with a presence in Pharmaceuticals, Healthcare Insights & Analytics, and Financial Services. PEL’s consolidated revenues were over US$1.3 billion in FY2017, with 51% of revenues generated from outside India.
In Pharma, it has end-to-end manufacturing capabilities across 13 global facilities and a large global distribution network to over 100 countries.
It also provides healthcare analytics, data & insight products and services to pharma, biotech and medical technology companies.
Piramal Finance Limited, is the financial services arm of Piramal Enterprises and provides both wholesale and retail funding opportunities within real estate and non-real estate sectors.
It also lends to sectors such as infrastructure, renewable energy, roads, industrials and auto components.
The total funds under management under these businesses are US$ 5 billion.