This Article is From Jul 21, 2015

Warburg Pincus to Invest $284 Million in Piramal Realty

Warburg Pincus to Invest $284 Million in Piramal Realty

Representational image.

A unit of private equity firm Warburg Pincus LLC will invest $284 million (Rs 1805 crore) for a minority stake in Piramal Realty, the Mumbai-based real estate developer said in a statement on Tuesday.

Piramal Realty will use the money to expand its real estate portfolio, Anand Piramal, executive director of the Piramal Group, told Reuters in a separate interview.

"We will look at parcels in and around Mumbai and we'll look at parcels that are quite large," he said.

Piramal did not disclose the size of the stake purchased by Warburg Pincus. It said the company has more than 10 million square feet under development throughout Mumbai.

(1 Indian rupee = $0.0157)

© Thomson Reuters 2015