Piramal Fund Management sanctions investments
Piramal Fund Management (PFM), the financial services division of Piramal Enterprises, has sanctioned investments worth approximately INR 2000 Crore within three months of launching Flexi Lease Rental Discounting (LRD) for completed commercial assets that include office and retail space. The first investment is of INR 440 Crore against The Wadhwa Group’s commercial property which is located in the prime business district of Bandra Kurla Complex in Mumbai. The second investment is of INR 580 Crore against ASF Group’s IT SEZ development – ‘ASF Insignia’ in Gurgaon. Khushru Jijina, Managing Director, Piramal Fund Management said, “We are delighted with the industry response to our recently launched product Flexi LRD that aims to lend substantial quantum of money on flexible terms against a marquee asset of a Tier 1 developer. In November 2016, we announced our target for LRD to be INR 10,000 Crore for the next 12-15 months and we have already achieved 20% of it within three months of its launch. Through these transactions, we have further strengthened our relationship with the Wadhwa Group, an existing ‘Piramal Preferred Partner’, with whom we have done multiple investments in the past as well as initiated a new relationship with the ASF Group. We remain positively inclined towards commercial as an asset class and look forward to actively scaling up our position within this space.”
Tags : News/Views