Piramal gives Rs 1,100 crore to Embassy for southern projects

Piramal Enterprises on Wednesday gave Rs 1,100 crore to real estate firm Embassy Group for developing commercial and residential projects in south India.

In a statement, the company said the debt had been provided through its subsidiary, Piramal Finance (PFL), for projects in Bengaluru, Chennai and Hyderabad over six months.

Of the total amount, PFL gave Rs 360 crore to Embassy Residences in Chennai — a premium residential project spread over 25 acres, with about 0.3 million sq ft of built-up area.

Another investment was made in the Phoenix-Embassy, a joint venture (JV) between Embassy and Phoenix Group of Hyderabad. The JV is