Piramal Enterprises enters Housing Finance
The Board of Directors has given its approval for Piramal Finance Ltd (PFL) to make an application to the National Housing Bank (NHB) for incorporating a Housing Finance Company (HFC) as its subsidiary.PFL already has a long standing presence in wholesale finance, catering to the entire spectrum of financing needs across real estate (both residential and commercial) as well as non-real estate (operating infrastructure and other sectors) sectors with a current overall loan book extending to INR 19,170cr. In addition, the Group also acts in a fiduciary capacity managing external funds with an AUM of INR 7,315cr, including alliances with leading global investors.
The existing suite of products for real estate underlines PFL’s ability to cater to the entire capital stack, i.e. from early stage equity until later stage debt / construction finance for residential and both mezzanine / structured debt as well as lease rental discounting for commercial. Individual housing loans, therefore, are both a diversification strategy as well as a natural extension of its business, completing its suite of products with an offering for the retail customer segment.