Warburg Pincus will invest INR 1800 crore (US$ 284) for a minority stake in Piramal Group’s realty unit.

 

Founded in 2011, Piramal Realty is a Mumbai-based developer that has over 10 million square feet under development in prime areas of Byculla, Thane, Worli, BKC and Mulund. 

 

"The capital raised will be used to expand Piramal Realty's portfolio and acquire marquee land parcels in and around Mumbai,” says Anand Piramal, Group executive director.

 

Niten Malhan, co-head of India, Warburg  Pincus says, “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."

 

The deal marks Warburg Pincus’ second investment with Piramal. The private equity firm invested in Piramal Healthcare in 1997.

 

“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,” says Ajay Piramal, chairman at Piramal Group.