Piramal aims to work with property developers, revive distressed projects

International Finance Corporation (IIFC), the investing arm of the World Bank, is planning to put around $100 million in the new fund, alongside the sponsors' investment of $200 million

Piramal Capital and Housing Finance is looking to work with distressed property developers and turn around projects.
 
“We formed a separate team who map out developers and projects that are in distress and give win-win-win solutions for developers,” said Khushru Jijina, managing director of Piramal Capital.
 
Piramal plans to bring in developers from its network to do joint ventures with distressed developers, or buy the land from them. The company works with 140-odd developers in the country.
 
“While our developers get new business opportunity, Piramal Capital gets to give equity or give construction finance,” said Jijina.