Tag Archives: Embassy Group

Piramal Finance lends INR 1100 crore to Embassy Group

Posted on by Track2Realty

News Point: Piramal Enterprises Limited through its subsidiary Piramal Finance Limited (PFL) has financed the Embassy Group for an amount of  INR 1100 crore.

Piramal Fund Management, Lodha Group, Private Equity in Indian real estate, PE Fund in real estate, India real estate news, Indian property news, NRI investment, Track2RealtyPiramal funding to Embassy Group has been done sequentially across both residential and commercial projects in Bangalore, Chennai and Hyderabad over a span of the last six months.

PFL first funded INR 360 crore towards Embassy Residences in Chennai – a premium residential project spread over 25 acres with 0.3 million sq. ft. of built up area. This has been followed up with an investment in Phoenix-Embassy which is a joint venture between Embassy and Phoenix Group of Hyderabad.

The JV is developing 1.5 million sq. ft. of grade-A commercial space in the financial district of Hyderabad with a potential to develop a further 4 million sq ft. Subsequently, PFL has provided INR 650 crore of growth capital to the Embassy Group in Bangalore.

Khushru Jijina, Managing Director, Piramal Finance Limited said, “We are pleased to have extended our relationship with the Embassy Group and look forward to a long and mutually beneficial association. I have always admired Jitu Virwani’s vision, track record and execution capabilities and we are happy to provide them with customized financial solutions as they scale up their presence across both residential and commercial. ”

Jitu Virwani, Chairman and Managing Director, Embassy Group said, “We are delighted to be working closely with a large diversified conglomerate like the Piramal Group who is known for their structuring capabilities and quick turnaround time. We look forward to leveraging their capabilities as we partner with them on our growth capital requirements going forward.”

The Embassy Group has already delivered 30 million sq. ft. of marquee commercial office space and 6 million sq. ft. of premium residential developments. The Group has a pipeline of 17 million sq. ft. of commercial developments across Bangalore, Hyderabad and Chennai.

Embassy Industrial Parks signs 1,910 crore MoU with Government of Haryana at Global Investors Summit 2016

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The project is intended to support the booming E-commerce as well as the retail and FMCG companies to consolidate in a post GST scenario.

Embassy Group, Warburg Pincus, Bangalore real estate, Bengaluru property, Haryana inviting real estate investments, Haryana Investor Summit, Track2RealtyEmbassy Industrial Parks, a joint venture between Embassy Group and Warburg Pincus signed an MoU with the Government of Haryana at the Happening Haryana Global Investors Summit 2016, for the development of 3 industrial parks around Gurgaon with a projected investment of Rs 1,910 crore and an employment potential of 4,000 people.

Anshul Singhal, Chief Executive Officer, Embassy Industrial Parks, said, “We are happy to see the proactive and professional approach of the Haryana government to help private companies like Embassy Industrial Parks, grow operations in the state of Haryana. Embassy Industrial Parks is confident of achieving its goals in the state with the support of the government. With this support, we promise to host world class infrastructure that will help both multinational and domestic companies’ set-up factory operations in the state.”

The proposed warehousing project will span the development of integrated Industrial and Logistics Parks with support facilities and also target industrial light manufacturing clients to set up build to suit manufacturing facility/ready built factories in these parks.

The project will be developed in the outskirts of Gurgaon, on NH-8 or within 10 – 15 kilometers from NH-8. The Government of Haryana will help Embassy Industrial Parks acquire this land and get approvals for the projects, apart from providing incentives to ensure their sustainability.

Though the warehousing sector has been largely unorganized and fragmented, the demand for modern warehouse infrastructure has seen a surge in recent times. Rapid growth of retail, manufacturing and related industry segments coupled with an influx of investment will only push this sector to new heights.