In the beginning of this month, Piramal Group firm Piramal Realty stated that it will acquire 3.2 acres of land in Mumbai from Nirmal Lifestyles for Rs. 153 crore. This land parcel is located next to its existing residential project ‘Piramal Revanta’ at Mulund in Mumbai. According to insiders, Piramal Realty is committed to enhancing the value proposition for its customers. They also believe that this strategic land acquisition would significantly benefit existing as well as potential customers. It will ensure direct access to the development from LBS Marg- the main access road, and a larger layout with more open spaces, additional amenities, and reduced density, according to official reports.
Reports have revealed that Piramal Realty will invest an estimated Rs. 1800 crore in the Piramal Revanta project. Nirmal Lifestyle has been in talks with many prestigious developers to enter into development agreements to monetize its land holdings and reduce debt. On 14 September, the company made an announcement that it has entered into a joint venture with Godrej Properties Ltd. to develop a residential project sprawling over a 13 acre land in suburban Thane. The company has awarded the contract of the construction for the project to global construction major Eversendai. Eversendai enjoys widespread recognition for its illustrious portfolio that encompasses Dubai’s Burj Khalifa, Malaysia’s Petronas Towers and Qatar’s Olympic stadium. Recently, Goldman Sachs and Warburg Pincus, two international equity partners, have invested about USD 434 million in the company at the entity level.
The Piramal Group has established a significant presence in many sectors like pharma, financial services, information management, glass packaging, and real estate. It is founded by Ajay Piramal and has a market value in excess of USD 9.5 billion. Nirmal Lifestyles Ltd. is also involved closely with the real estate industry and has projects in Mumbai.