Diversified Indian conglomerate Piramal Group plans to lend up to $193 million to real estate projects in the current fiscal year to March as it focuses on building its newly launched financial arm, its Chairman said.
The group also aims to set up a team by the end of March to look for opportunities to fund large projects such as power and road construction, sectors in which the government is hoping to rope in private-sector participation in a big way.
“We have started our investment first in the real estate sector,” Ajay Piramal told the Reuters India Investment Summit on Monday, Nov 21. “Today, there are unique opportunities available in real estate.”
He said the financial arm, which was launched this year, aims to lend between 7.5 billion rupees ($145 million) and 10 billion rupees by next March.
