REUTERS - A unit of private equity firm Warburg Pincus LLC will invest $284 million (18.05 billion rupees) for a minority stake in Piramal Realty, the Mumbai-based real estate developer said in a statement on Tuesday.
Piramal Realty will use the money to expand its real estate portfolio, Anand Piramal, executive director of the Piramal Group, told Reuters in a separate interview.
"We will look at parcels in and around Mumbai and we'll look at parcels that are quite large," he said.
Piramal did not disclose the size of the stake purchased by Warburg Pincus. It said the company has more than 10 million square feet under development throughout Mumbai.
(1 Indian rupee = $0.0157)
(Reporting by Karen Rebelo in Mumbai; Editing by Subhranshu Sahu)