Piramal ties up with Canadian firm
Piramal Enterprises has entered into a strategic alliance with CPPIB Credit Investments, a wholly-owned subsidiary of Canada Pension Plan Investment Board (CPPIB). The alliance will provide rupee debt financing to residential projects across India’s major urban centres. Both companies have initially committed $250 million for the purpose.
The investment focus would include providing project-level debt financing to top tier, local developers with a strong track record in delivering high-quality residential projects.
The focus will be on residential developments in Mumbai, Delhi NCR, Bengaluru, Pune and Chennai.
The average ticket size of projects that the firm will consider could be `100 crore plus and it will charge a premium to market rates.