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Piramal, Canadian co to invest `2,250 cr in housing projects

DNMUM418109 | 7/13/2018 | Author : Sumit Moitra | WC :441

The partnership will pick up equity in the residential projects of troubled real estate firms

Kolkata: The Ajay Piramal group is coming out in a big way to help the real estate sector get out of the financial mess they are into triggered by high leverage and slack demand.
In partnership with Ivanhoe Cambridge, the real estate arm of Canada’s second-biggest fund manager CDPQ, the newly created NBFC entity of the Piramal group would be investing a little over Rs 2,250 crore in equity of residential projects in the next one year. They will help the troubled real estate developers through a planned recovery from their financial woes.
“Between us and Ivanhoe Cambridge, the initial fund size is about $330 million which we would be investing within a year’s time in residential equity deals,” Khushru Jijina, MD of Piramal Capital
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