Piramal Finance Limited commits Rs. 550 crore to Rustomjee Urbania in Thane
Piramal Finance Limited (PFL), a subsidiary of Piramal Enterprises Limited has sanctioned Rs. 550 crore deal to Rustomjee ‘Urbania’ in Thane. The company also announced that it has, now in total, sanctioned Rs. 1000 crore 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, the company said in a press release.
Urbania is an ongoing 127 acre township with 7 mn 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.
Commenting on the development, 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.”
Piramal Finance Ltd. has also extended Rs. 130 cr of debt finance towards Rustomjee ‘Summit’ in Borivali as well as Rs. 190 cr of growth capital secured against Rustomjee ‘Global City’, Virar and Rustomjee ‘Meridien’, Kandivali.