Piramal Enterprises Limited has confirmed an investment of Rs.280 crore towards the big-ticket Puranik City Reserva project helmed by Puranik Builders at Thane. The investment has been made through Piramal Finance and there will be a financial partnership structure in place according to the company.
Puranik City Reserva is a theme project which is located strategically along the Ghodbunder Road and spreads over 13 acres in all. There is 2.2 million sq. ft. of area which can be developed approximately as per reports. The entire development has a value of Rs.2000 crore approximately and should be finished within the next 6-7 years as per reports. The project has already garnered positive responses from customers at the time of its launch around two months earlier and construction is taking place as per schedule according to Puranik Builders.
Puranik Builders has more than four decades of experience in the real estate industry, having developed more than 4.5 million sq. ft. across Thane, Mumbai and its suburbs, Karjat, Pune and Lonavala while another 15 million sq. ft. is under construction at present. Piramal Finance majorly focuses on corporate lending and has already pumped in funds for early stage equity and late stage debt along with focusing on lease rental discounting, construction finance and bulk buying of apartments. According to the Managing Director at the Puranik Group, Shailesh Puranik, this deal will help the company obtain total financial closure for this venture.
Piramal Enterprises Limited or PEL is one of the biggest conglomerates in the country and has interests in healthcare analytics and insights, pharmaceuticals and financial services. The consolidated revenues of the organization surpassed $1.3 billion for FY2017 and 51% of revenues came in from overseas operations. PEL has 13 global pharmaceutical manufacturing units with a huge distribution network across 100 countries. Piramal Finance Limited also offers retail and wholesale funding solutions in the real estate and non-realty segments including sectors like renewable energy, infrastructure, industrials, roads and automobile components.
