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Piramal group today said it has sanctioned Rs 400 crore loan to realty firm AIPL for the development of commercial assets in Gurugram.
"Piramal Group has sanctioned Rs 400 crore loan against AIPL group's commercial assets including 'AIPL Joy Central' which will be the group's marquee commercial mixed use project located in Sector 65, Gurugram 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, Piramal group said in a statement.
Piramal Group had extended Rs 120 crore loan with the group in December 2016 against 'AIPL Business Club', a Grade A IT office space located in Gurugram.
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 'AIPL Peaceful Homes', a residential project located in Gurugram which has been entirely repaid.
Piramal Finance Ltd 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 Piramal group.
AIPL 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.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)