Piramal Finance, a financial arm of Piramal Group, has decided to extend its monetary support with an additional loan of Rs 650 crore to the realty developer Embassy Group.
With this, the total transaction now stands at Rs 1,100 crore over the span of six months. The fund has been spent sequentially across residential and commercial projects of Embassy Group in the cities Bangalore, Chennai and Hyderabad.
In the first round, Piramal Finance has funded around Rs 360 crore to develop a luxury residential project in Chennai, Embassy Residences. The project is spread over 25 acres of land with the built-up area around 3 lakh sq. ft.
The company has spent its second investment in Phoenix-Embassy commercial space project in Hyderabad. The project has been developed under the partnership of Embassy and Phoenix Group. With an earlier plan to develop 1.5 million sq. ft. of grade-A office space, it has a potential to expand its construction to another 4 million sq. ft.
“We are pleased to have extended our relationship with the Embassy Group and look forward to a long and mutually beneficial association. Given the company’s track record and execution capabilities, we are happy to provide them with customized financial solutions as they scale up their presence across both residential and commercial,” says Khushru Jijina, Managing Director, Piramal Finance.