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Piramal opens purse strings for builders

Plans to lend up to Rs 15,000 crore to select builders in Mumbai, Delhi, Bengaluru, Pune and Chennai over the next year and a half

Raghvendra Kamath  |  Mumbai 

Last month, Piramal Fund Management offered an open line of credit to select real estate developers in five cities: Mumbai, Delhi, Bengaluru, Pune and Chennai. While commercial banks provide overdraft facility to companies regularly, this kind of an open credit line from a non-banking finance company, or NBFC, is unheard of. HAPPY RETURNS PIRAMAL FUND MANAGEMENT AUM: Rs 18,000 crore Key exits: Omkar’s Mumbai residential project last year with 24 per cent returns in 2015 KOTAK REALTY FUND AUM: Rs 7,580 crore Key ...

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