Piramal Finance infuses $171 million in Embassy Group
DSIJ Intelligence / 08 Jun 2017
The Embassy Group, real estate developer has developed of 30 million sq ft of commercial office space and around 6 million sq ft of premium residential space. The group's current projects includes 17 million sq ft of commercial projects in three cities namely Chennai, Hyderabad and Bangalore.
Piramal Finance Ltd., ( subsidiary of Piramal Enterprises) has invested Rs 1,100 crore (USD 171 million) as growth capital to Embassy Group, on June 7 2017.
The amount raised by Embassy Group will be lent to its project partner Manyata Promotors Pvt. Ltd, who will utilise these funds to repay dues and support growth.
Piramal Finance is active in both residential and commercial projects in Chennai, Hyderabad, and Bangalore. Earlier, Piramal Finance had allotted Rs 360 crore to a residential projects in Chennai, which is spread over 25 acres with around 0.3 million sq ft of built up area. The company has also invested in Phoenix-Embassy (a joint venture between Embassy and Phoenix Group of Hyderabad).
The Embassy Group, real estate developer has developed of 30 million sq ft of commercial office space and around 6 million sq ft of premium residential space. The group's current projects includes 17 million sq ft of commercial projects in three cities namely Chennai, Hyderabad and Bangalore.
If you want to stay updated with the share market news today, keep a close watch on the indian stock market today with real time movements like sensex today live and overall stock market today trends. Investors tracking ipo allotment status, ipo news today, or the latest ipo india can also follow daily updates along with bse share price live data. Whether you are learning how to invest in stock market in india, preparing for a market crash today, or searching for the best stocks to buy in india, insights on top gainers today india, top losers today india, trending stocks india and long term stocks india help in making informed investment decisions.