Piramal Capital, the financial services arm of Piramal Enterprises Ltd. (PEL), has combined its real estate private equity fund management business known as Indiareit and its non-banking finance company (NBFC) into an integrated vertical.
A statement from Piramal Enterprises said the integrated vertical, Piramal Fund Management, would provide exposure to real estate across the entire capital stack — i.e. private equity, structured/mezzanine equity, structured debt, senior secured debt and construction finance.
PEL currently advises funds worth over Rs. 7,550 crore on the equity side. It has also disbursed another Rs. 3,000 crore as part of a proprietary debt loan book. The combined team has 60 professionals.
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“Integrating the debt and equity platform into a combined entity will ensure that we are best positioned to gain valuable information, skills and insights – all of which will enhance our ability to forge lasting relationships with our development partners,” Ajay Piramal, Chairman, PEL, said in a statement.
The combined entity has deployed another Rs. 2,400 crore over the last three months.
On the Bombay Stock Exchange, Piramal Enterprises reacted by 1.94 per cent to close trading at Rs. 612.9 on Tuesday.
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