Piramal Realty receives investment of Rs. 900 crore from Golden Sachs, a global investment bank for minority stake.
A receiver of largest foreign direct investment of Rs. 1,800 crore from Warbug Pincus in country, Piramal Realty has in its pocket a plot of 10 million sq. ft for commercial and residential projects.
Funds pumped by the investors could be used for acquiring properties in and around of Mumbai and to expand their company in the world market.
â€œWhat is exciting is that it gives us an opportunity to build a potentially big company with two partners, who understand India and real estate and are in it for long time willing to make strategic bets,â€ quoted Anand Pramal executive director of Piramal Group.
Said to be one of the largest leading investor, Golden Sachs has invested about $43 billion. Piramal is not the only received investment from Golden Sachs but the bank has also invested about $2.5 bilion on various sectors of Indian economy.
Talking about the Golden Sachs, Piramal has praised the inspiration obtained from their expertise and their valuable experience, they aspire to build world class development in India and achieve the highest standards of design, technology, quality, execution and customer service.
Worldâ€™s finest buildings like 15 Central Park West in New York and 16 Colleyers Quay in Singapore has been developed by Golden Sachs. Now the bank has moved to build finest buildings in India too.
â€œThis investment is consistent with our ongoing strategy of partnering with Indiaâ€™s leading entrepreneurs to invest in sectors critical to countryâ€™s development. The governmentâ€™s focus on simplifying regulation and boosting economic growth will kick start investment and consumption. Under high quality, modern housing and office space from a trusted, proven will serve to create a significant leader in Indian real estate,â€ said Ankur Sahu, co-head of private euity at Goldman Sachs in Asia.
Primal Assurance is the next plan of the company which they could apply for its Thane project. The strategy of Primal Assurance is that the customers could buy back the residential unit at 5% discount to the market value until possession if the unit doesnâ€™t satisfies the customers. This Assurance could give the customers a sense of relief and the company could be bound to serve goods to customers.