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Piramal buys roads in bet on infrastructure recovery

Targets 16% annual return from investing in road projects

Reuters  |  New Delhi 

The conglomerate headed by billionaire Ajay Piramal is hunting for road projects put up for sale by stressed developers, betting a change of government will stimulate growth and revive an infrastructure sector plagued with delays. Piramal Enterprises Ltd , which sells drugs and financial services, has earmarked Rs 5,000 crore ($837 million) for projects jeopardised by an economy struggling through its longest period of sub-5% growth since the 1980s. New Prime Minister Narendra Modi has vowed to turn around a country where one of the world's most extensive road-building ...

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First Published: Mon, July 07 2014. 13:35 IST