 "Piramal to back Chennai-based Appaswamy group, sanctions Rs 2 bn facility")
Piramal Capital & Housing Finance, a subsidiary of Piramal Enterprises Limited, has sanctioned a Rs 2 billion facility to the Appaswamy Group (Appaswamy) via a structured equity transaction to enable the acquisition of 3.34 acres (approximately 60 grounds) land in Chennai.
Appaswamy acquired this piece of land on River View Road, Kotturpuram, from the TVH Group. The company plans to develop a premium residential project with potential sales revenue totalling in excess of Rs 10 billion.
Khushru Jijina, Managing Director, Piramal Capital & Housing Finance, said that Chennai is an important market for the firm in South India. Since its inception in 2014, they have sanctioned and disbursed Rs 35 billion for the Chennai market.
"With consolidation in the industry, we continue to explore strategic opportunities with partners that are focused on seamless execution, high-quality developments, and timely delivery.”
Within the real estate space, Piramal Capital & Housing Finance, through its financial partnership model, is uniquely capable of catering to the entire capital stack – right from early stage equity to late-stage debt, construction finance, lease rental discounting, bulk buying apartments and housing finance solutions.
Ravi Appasamy, Managing Director, Appaswamy Group, said: “We are delighted to partner with Piramal Capital & Housing Finance. In Piramal, we found a deeply committed and knowledgeable partner who bring with them a rich experience in real estate along with a scale & breadth of offerings in financing. We look forward to a long-term and mutually beneficial relationship as we continue on our path towards success."
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