In an attempt to finance the land acquisition cost and the subsequent construction of the real estate project in Mumbai, the private equity major of global repute, New York-headquartered Warburg Pincus, has decided to invest Rs 1,800cr in Piramal Realty, Executive Director, Piramal Gorup, Anand Piramal said, adding that the deal in question is one of the largest foreign direct investments in Indian real estate sector. Piramal Realty currently has over 10 million sq ft of projects under development in various Mumbai and surrounding localities including Byculla, Worli, Bandra-Kurla Complex, Mulund, and Thane. The proceeds of the deal will be used for buying new land parcels. As a part of the transaction Warburg Pincus will get two seats in Piramal Realty's board, which will be reconstituted and that the funds will be invested in companies with high growth potential and the player believes that Piramal Realty is the best positioned to achieve leadership in one of the world's most attractive real estate markets, said co-head India, Warburg Pincus, Niten Malhan, claiming that the latest is the second time when Piramal Group is partnering with Warburg Pincus after the private equity giant's investment in the health care project, Piramal Healthcare way back in 1997, he added.
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