Bengaluru: Piramal Fund Management Pvt. Ltd plans to provide some of the country’s top realty firms an open line of credit to enable them to acquire projects and buy land.
Through a new scheme called Piramal Preferred Partners, they have pre-sanctioned a Rs. 15,000 crore funding limit to back about 8-10 developers in Mumbai, Bengaluru, NCR, Pune and Chennai. They will enter into investment partnerships with a few selected property firms and commit about $250-300 million to each of them, which it will disburse as and when the developer brings a deal to the table.
Piramal Fund Management’s loan book and equity investments are worth Rs. 22,000 crore in the residential space alone. It will also set out Rs. 5,000 crore in commercial office projects in key property markets in the coming financial year.
Read More: Live Mint
