Piramal Finance lends Rs 1,100 crore to real-estate developer Embassy Group
Financial News : Piramal Finance (PFL) , the lending arm of Piramal Enterprises, on Wednesday said that it has financed Rs 1,100 crore to Bengaluru-based Embassy Group. This funding has been done sequentially across both residential and commercial projects in Bengaluru, Chennai and Hyderabad over the past six months. Piramal first gave Rs 360 crore to Embassy Residences in Chennai — a premium residential project spread over 25 acres with 0.3 million square feet (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 Rs 650 crore of growth capital to the Embassy Group in Bengaluru. The Embassy Group is one of India’s largest commercial real estate developers that has delivered 30 million sq...