Piramal funds to invest in Lodha’s World Towers
Piramal Fund Management Pvt. Ltd on Thursday announced that it will invest Rs.2,320 crore in Lodha Developers Pvt. Ltd’s signature World Towers project in central Mumbai.
The Lodha group has been the country’s largest real estate developer by sales. This is the second investment by Piramal Fund Management in the group, which recorded gross sales of over Rs 8,000 crore in 2015-16. It had earlier invested Rs 425 crore in Lodha Venezia, an advanced stage project in Mumbai.
A press statement said Piramal Fund Management had committed the amount to replace existing debts. The funding is expected to enable the Lodha group to complete and deliver marquee projects in south and central Mumbai. The projects are at various stages of construction and completion with established sales and locked-in receivables.