Piramal Realty, the Mumbai-based
real estate development arm of Piramal Group, has announced that the company is poised to
receive a funding of INR 1800 crore from the leading global private equity fund
Warburg Pincus which will seek minority stake in the company.
Commenting on the
transaction, Anand Piramal, Piramal Group's Executive Director, said, "We
are proud to partner with one of the world's leading private equity firms to
build India's
most admired real estate company, admired not just for its scale and
profitability,
Niten Malhan, Co-Head of India, Warburg Pincus
stated, "Warburg Pincus invests in companies
with high growth potential and believes that Piramal Realty is best positioned to
achieve leadership in one of the world's most attractive real estate markets.
Piramal Group's
strengths such as its strong values, its track record of creating long term
value for
stakeholders, its trusted brand, its ability to recruit great people, its
emphasis on customer
centricity and its reputation as strong deal makers are some of the reasons why the firm
chose to invest in Piramal Realty."
Ajay Piramal, Chairman, Piramal Group added,
"We are delighted to partner with Warburg Pincus
for a second time: the first was when they invested in Piramal Healthcare in
1997, and now
with Piramal Realty. Warburg Pincus' investment and expertise will raise the
level of real
estate in India to international standards, as it has done in other industries such as
telecom, financial services and pharmaceuticals."
Founded in 2011, Piramal Realty has over 10
million square feet under development in prime areas of Byculla, Thane,
Worli, BKC and Mulund.
Warburg Pincus is a leading global private
equity firm focused on growth investing. The firm
has more than US$35 billion in assets under management. The firm's active portfolio
of more than 120 companies is highly diversified by stage, sector and geography.
