Goldman Sachs Invests $150 Million in Piramal Realty
Goldman Sachs, the global investment bank, has secured a minority stake for around Rs. 900 Cr in Piramal Realty, a Mumbai-based real estate firm, around a month after the latter got the huge direct investment from foreign country in the real estate space of India. An affiliate of a world-class global equity firm, Warburg Pincus focused on investment and committed to invest around Rs. 1800 Cr for minority stake. According to Executive Director, Piramal Group, Anand Piramal, the developer will utilize the direct investment to further expand their reach in real estate and develop more luxurious properties in prime locations of Mumbai.
They are witnessing great potential of growth in such regions and they will keep on investing in Mumbai Metropolitan Region and provide ample supply of affordable living spaces. Golden Sachs has reportedly deployed around $2.5 billion in India. Since 2006, the investment banking firm has helped developing some of the finest masterpieces of the world, such as 16 Colleyers Quay, Singapore and 15 Central Park West, New York. Their expertise and experiences have come together to introduce the world-class developments across the country and to achieve the highest benchmarks of technology, design, execution, and quality and customer service.
On the deal, the co-head of Goldman Sachs, Ankur Sahu added that this huge investment is going to be their major step in developing the real estate industry of the country and it is their strategy of joining the leading entrepreneurs of India. According to him the focus of the government on improving economic growth and simplifying regulation will help them kick start the consumption and investment. With such type of cyclical recovery, the demand for modern and high quality housing and office spaces from a proven and recognized brand will help them to make the leader in real estate of India.Piramal Group New Launch Vaikunth
Piramal Realty has also introduced Piramal Assurance, the first buy back guarantee scheme of its kind according to which the company is offering to buy any residential flat back from a buyer at 5% discount to the actual value of the market until possession if customer is not satisfied.