Goldman Sachs invests `900 cr in Piramal Realty

Mumbai: Global investment bank Goldman Sachs has picked up a minority stake in Mumbai-based Piralmal Realty for nearly Rs 900 crore, almost a month after the latter received the largest foreign direct investment ever in the country’s realty space.

Last month, an affiliate of Warburg Pincus, a leading global equity firm focused on growth investing committed an investment of Rs 1,800 crore for a minority stake.

“We will utilise these funds for further expanding real estate portfolio and acquire prime properties in and around Mumbai,” Piramal Group executive director Anand Piramal said.

“Our focus will continue to remain the Mumbai metropolitan region as we see huge scope for growth in these regions, given the inadequate supply of affordable housing,” he said.

He said Goldman Sachs, which has deployed nearly $2.5 billion in India since 2006, has helped in developing some of the world’s finest buildings, such as 15 Central Park West in New York. “Their experience and expertise will further inspire us to build world-class developments in India and achieve the highest standards of design, technology, quality,” he said. —PTI