Piramal Finance, Ivanhoe may scale up realty investment to $500 million

Though the corpus was to be deployed in three years time, sources said the partners expected it to be depleted by June, one-and-a-half-years after its launch

Within a year of its tie-up with Ivanhoe Cambridge, the real estate arm of Canada’s second-biggest fund manager CDPQ, for a $250 million corpus to invest in residential projects, Piramal Finance, is in talks with it again to scale up the corpus to $500 million, according to sources.

Piramal Finance, the financial services arm of Piramal Enterprises, had in February 2017 entered into a partnership with Ivanhoé Cambridge, to provide long-term equity capital to top residential developers in five Indian cities. Around six to eight investments were to be made by the partners in Mumbai, Bengaluru, Pune, Chennai and the