Piramal Enterprises Limited and Ivanhoé Cambridge Announce Partnership to Invest in India
Piramal Enterprises Limited (“PEL”)has announced a strategic partnership with Ivanhoé Cambridge, a real estate subsidiary of CDPQ (Caisse de dépôt et placement du Québec), to provide long term equity capital to blue chip residential developers across the five major metro cities in India. Ivanhoé Cambridge is allocating an initial US$250m for this purpose. PEL will commit an additional amount alongside and co-invest between 25% and 50% of each transaction.
Ajay Piramal, Chairman, Piramal Enterprises Limited said, “We are extremely pleased to be partnering with Ivanhoé Cambridge, a global institutional leader of great reputationwith a long term value system and investing philosophy aligned with our own. Given the scale of our existing real estate offering and roster of existing developer relationships, the partnership will enable us to execute on very compelling opportunities to deliver high quality residential developments in the local markets that we service.”