Piramal pumps in 280 Crores in Puranik’s Thane Project
Piramal Enterprises Limited (PEL) through Piramal Finance will be investing INR 280 crore in ‘Puranik City Reserva’, a project by Puranik Builders in Thane. The under construction project is located on a land stretch of 13 acres with a development scope of 2.2 million square feet. The 2000 crore rupee project is being developed at Ghodbunder Road in Thane and is expected to be completed in six to seven years.
Puranik Builders is a real estate development firm present in realty business for over four decades. The company has completed projects spread over 4.5 million square feet and projects spread on approximately 15 million square feet are in the pipeline. With majority of projects in suburban Mumbai, Pune, Lonavala and Karjat, Puranik’s primary area of interest is Maharashtra.
Piramal Finance Limited on the other hand is the financial services arm of PEL and largely focused on corporate lending and wholesale and retail investments within real estate and non-real estate sectors. It invests funds in early stage equity and up to late stage debt, construction finance, lease rental discounting as well as bulk buying apartments. PEL is India’s large diversified companies, with a presence in Pharmaceuticals, Healthcare Insights & Analytics, and Financial Services.