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Piramal to give Rs 400 cr loan to AIPL for commercial projects

Previously, Piramal had also invested Rs 140 crore towards AIPL Peaceful Homes

Press Trust of India  |  New Delhi 

Piramal Enterprises
Piramal Enterprises

on Monday said it has sanctioned Rs 400 crore loan to realty firm for the development of commercial assets in

"has sanctioned Rs 400 crore loan against group's commercial assets including 'Joy Central' which will be the group's marquee commercial mixed use project located in Sector 65, just off Golf Course Extension Road," the company said in a statement.

The project will be spread over 4 acres and will comprise commercial and retail development along with a multiplex, said in a statement.

had extended Rs 120 crore loan with the group in December 2016 against 'Business Club', a Grade A IT office space located in

The 8.1 lac sq.ft. building is in an advanced stage of construction and has witnessed strong sales traction since its launch late last year.

Previously, Piramal had also invested Rs 140 crore towards 'Peaceful Homes', a residential project located in which has been entirely repaid.

MD Khushru Jijina, "This transaction is representative of our intent to partner with strong developers in the commercial space and lending on a flexible structure to meet the requirements of the project and the market."

Daljeet Singh, MD, Advance India Projects Ltd (AIPL) said the company looks forward to a continued and mutually beneficial relationship with the

Group has presence in North India with operations across commercial, retail and residential verticals. The group has a track record of delivering more than 30 commercial, retail and residential projects totaling about 2.4 million sq ft.

Piramal Enterprises is one of India's large diversified companies, with a presence in financial services, pharma and healthcare insights and analytics.

First Published: Mon, November 13 2017. 14:27 IST