Lodha projects get Rs. 2,320-cr infusion

Injecting a major funding booster in Lodha Group's projects in the country's real estate sector, Piramal Fund Management (PFM), has recently invested Rs. 2,320-cr across several projects of the Group, in and around Mumbai, said sources, adding that the latest is the single-largest transaction to take place in the real estate funding space. It is also the second investment by PFM in the Lodha Group as it had previously invested Rs. 425-cr in Lodha Venezia, a project in Mumbai that is at an advanced stage. This funding will enable Lodha to complete and deliver marquee projects in South and Central Mumbai, which are currently in advanced stages of construction and completion, with established sales and locked-in receivables. The deal has been structured as a fixed-return debt investment with periodic coupon payments and has an appropriate security mechanism in place, including hard-asset cover and an escrow of receivables.