Piramal Enterprises in expansion mode

To scale up its real estate activities, Indian conglomerate of Piramal Enterprises is currently looking to expand its real estate development business and also expects to get a licence to start providing home mortgages facilities shortly. The Mumbai-based group with interest from real estate financing and financial services to allied sectors in India’s big cities, has now decided to finance top property developments in Tier-II cities across the country. Till now it largely remained focused more on the Tier 1 cities and Tier 1 developers in such cities, Chairman, Ajay Piramal said, adding that after this the group announced a 61% jump in fourth quarter net profit. In the stressed assets segment the Piramal has also formed a joint venture with private equity firm Bain Capital to explore opportunities to buy stressed assets and its chairman welcomed the Indian government‘s move this month to give the Central bank greater power to identify and enforce resolution on specific sourced loans.