Piramal inks Rs. 1,700-cr real estate deal

Ivanhoé Cambridge, a subsidiary of Canadian pension fund CDPQ, has recently entered in partnership with Piramal Enterprises Ltd to provide equity capital to developers of residential projects. Ivanhoé is allocating $250 million amounting to Rs. 1,700-cr as the latest is its second attempt to enter the Indian market as prior to this it had made a foray in 2008 but later wound up its operations for lack of opportunities in the retail and real estate segments. Given the scale of existing real estate offering and roster of existing developer relationships, the partnership will enable the company to execute compelling opportunities to deliver high quality residential developments in the Indian market, MD, Piramal Fund Management, Khusru Jijina, is currently negotiating with various developers to deploy at least Rs.200 crore each in about half a dozen deals. While President and CEO, CDPQ, Michael Sabia, said that the company is looking forward to a long-term and fruitful business relationship with Piramal in the years to come.