Piramal Enterprises Limited, through its subsidiary Piramal Finance Limited (PFL), has financed projects worth Rs 1,100 crore for the Embassy Group. The funding has been done sequentially across both residential and commercial projects in Bangalore, Chennai and Hyderabad over a span of the last six months.
PFL first funded Rs 360 crore towards Embassy Residences in Chennai - a premium residential project spread over 25 acres with ~0.3 million sq. ft. of built up area and followed up with an investment in Phoenix-Embassy which is a joint venture between Embassy and Phoenix Group of Hyderabad. The JV is developing ~1.5 million sq. ft. of grade-A commercial space in the financial district of Hyderabad with a potential to develop a further 4 million sq ft. Subsequently, PFL has provided INR650cr of growth capital to the Embassy Group in Bangalore.
The Embassy Group is one of India's largest commercial real estate developers having delivered ~30 million sq. ft. of commercial office space and ~6 million sq. ft. of premium residential developments. The Group has a pipeline of ~17 million sq. ft. of commercial developments across Bangalore, Hyderabad and Chennai.
Khushru Jijina, Managing Director, Piramal Finance Limited, said: "We are pleased to have extended our relationship with the Embassy Group and look forward to a long and mutually beneficial association. I have always admired Jitu Virwani's vision, track record and execution capabilities and we are happy to provide them with customized financial solutions as they scale up their presence across both residential and commercial. "
Jitu Virwani, Chairman and Managing Director, Embassy Group, said: "We are delighted to be working closely with a large diversified conglomerate like the Piramal Group who is known for their structuring capabilities and quick turnaround time. We look forward to leveraging their capabilities as we partner with them on our growth capital requirements going forward.
Piramal Enterprises Limited (PEL) is one of India's large diversified companies, with a presence in pharmaceuticals, healthcare and financial services. PEL's consolidated revenues were over $1.3 billion in FY2017, with 51 percent of revenues generated from outside India.