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Piramal Finance endow $156 mn across Rustomjee’s projects

Real Estate developer Rustomjee Group raises Rs 1000 crore investment from Primal Finance Ltd (PFL) for its projects.  
BY BEx Bureau
BusinessEx
Aug 22, 2017

PFL said in a statement, the capital endowed will be specifically used for redevelopment, building townships and provide better housing for all.

Rustomjee Urbania project get a loan sanctioned of Rs 550 crore from Primal Finance before this investment took place. The raised debt is intended to utilize for expenses takes place in project operations and enhance the area of construction as well.

PFL has invested Rs 190 crore in Global City project in Virar and Meridien in Kandivali. Also, a corpus of Rs 130 crore is provided as a debt finance in Borivali summit of Rustomjees.

Khushru Jijina, MD of Piramal Finance, said I am pleased to have furthered our relationship with the Rustomjee Group, who is a preferred partner for us with multiple financing deals done in the past. With consolidation being inevitable in the industry, we also look forward to jointly evaluating opportunities for potential acquisition or takeover of attractive land parcels and partially completed projects on an ongoing basis.

We are fortunate to have Piramal Finance by our side and we see this relationship growing in the years to come, said Boman Irani, MD of Rustomjee Group.

With the introduction of RERA (Real Estate Regulation and Development Act), Piramal Finance, through its entire suite of products, is following a financial partnership model by extending holistic solutions to developers, PFL statement said.

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