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Piramal lends ₹650 cr. to Embassy Group

7 June, 2017 3:42 PM
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Exposure to group touches ₹1,010 cr.

Piramal Finance Ltd., a subsidiary of Piramal Enterprises Ltd., has provided ₹650 crore as growth capital to real estate major Embassy Group, the company announced on Wednesday.

Six months ago, the company had funded ₹360 crore towards Embassy Residences in Chennai, a premium residential project. With this, Piramal Finance’s exposure to Embassy Group is estimated at ₹1,010 crore.

Khushru Jijina, Managing Director, Piramal Finance Ltd., said: “We have extended our relationship with the Embassy Group and look forward to a long and mutually beneficial association. We are happy to provide them with customised financial solutions as they scale up their presence across both residential and commercial.”

Jitu Virwani, CMD, Embassy Group, said: “Piramal Group 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.”

Source: thehindu.com

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