Mumbai: Piramal Finance Limited (PFL), a subsidiary of Piramal Enterprises Limited, today announced that it has sanctioned ~INR 1000crore of growth capital and customized financing solutions across multiple projects of the Rustomjee group, spanning redevelopment, large format townships as well as affordable housing. The monies have been given in the form of construction finance as well as corporate funding for growth requirements at the Group level.
With the introduction of RERA, Piramal Finance, through its entire suite of products, is following a ‘financial partnership’ model by extending holistic solutions to developers. Within the Real Estate space, PFL is uniquely capable of catering to the entire capital stack – right from early stage equity to late stage debt, construction finance, lease rental discounting as well as bulk buying apartments – and is therefore, able to act as a perpetual provider of capital for its preferred relationships.
PFL most recently sanctioned an INR 550 crore deal to Rustomjee ‘Urbania’ in Thane. Urbania is an ongoing 127 acre township with 7mn sq. ft. of development potential, of which 2mn sq. ft. is already delivered. The funding is structured as senior secured debt to meet project expenses and intended towards delivery of a further 2mn sq. ft. which is presently at various stages of construction progress. In addition PFL has also extended INR 130cr of debt finance towards Rustomjee ‘Summit’ in Borivali as well as INR 190cr of growth capital secured against Rustomjee ‘Global City’, Virar and Rustomjee ‘Meridien’, Kandivali. Previously, PFL has also concluded an INR 110crore transaction in Rustomjee ‘Seasons’ in BKC which stands fully repaid.
Khushru Jijina, Managing Director, Piramal Finance Limited, 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. In Boman, we have found a partner who has demonstrated capability, alignment and execution in good measure. 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 on-going basis.”
Boman Irani, Chairman & Managing Director, Rustomjee Group, said “We are extremely pleased to have concluded multiple transactions with the Piramal Group. We believe they understand the real estate business extremely well and have provided us with unique insights as well as creative and customized solutions time and again to meet our growth capital needs. We are extremely fortunate to have Piramal Finance by our side and we see this relationship growing leaps and bounds in the years to come.”
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