Goldman Sachs will invest Rs 900 Crore in Piramal Realty

Goldman sachs

Global Investment Bank, Goldman Sachs is planning to invest Rs 900 crore or $ 150 million as the minority stake in Piramal Realty, which is Mumbai based real estate developer. Currently, Piramal Realty owns more than 10 million square feet of residential as well as commercial projects under development stage and they all are located in the premier areas of Mumbai (One of the most expensive real estate market in the world).

According to official statement of the company, Piramal Realty will use this money to buy more properties and expand its real estate portfolio in Mumbai as well as in its suburbs. As per the statement of Anand Piramal, who is Executive Director of Piramal Group, “This investment is for the purpose of entity level.” The more he added that there will be four or more projects as the part of entity and two partners will participate in them. However; Anand Piramal didn’t disclose the size of the stake after investment of Goldman Sachs. This is second investment by any company in Piramal Realty with in less than one month time as previously Warburg Pincus LLC, a unit of private equity firm, had stated in July that it is planning to invest Rs 1,800 crore or $ 284 million for a minority stake in company.

In present, India is second most populous country in all over the country and it is among few of the fastest growing economies, which have to cater the demand of housing and apart from that there are consistent rise in the price of property market. As we all know that earlier in same month, a luxury residential apartment was fetch by Indian businessman in Mumbai at a record price of Rs 202 crore.