An affiliate of Warburg Pincus will invest Rs 1800 crore: Piramal Realty

MUMBAI: Piramal Realty, the real estate development arm of Piramal Group, on Tuesday announced that an affiliate of Warburg Pincus, a global private equity firm focused on growth investing, will invest Rs 1800 crore (US$284 million) for a minority stake in the company.
Piramal Realty, a Mumbai based developer, has projects in Byculla, Thane, Worli, BKC and Mulund.
Said, Anand Piramal, Piramal Group's Executive Director, said "The capital raised will be used to expand Piramal Realty’s portfolio and acquire marquee land parcels in and around Mumbai.’’
Ajay Piramal, Chairman, Piramal Group added, “We are delighted to partner with Warburg Pincus for a second time: the first was when they invested in Piramal Healthcare in 1997, and now with Piramal Realty.’’