Piramal, Canada pension fund set up $500-m realty venture.

Piramal Enterprises and Canada Pension Plan Investment Board (CPPIB) have jointly set up a $500-million fund to finance residential property projects in India.

The partnership will invest equally in the venture to focus on providing project-level debt to local developers for residential developments in Mumbai, Delhi NCR, Bangalore, Pune and Chennai - markets with good civic infrastructure, strong employment and population growth forecast which provide favourable absorption dynamics for middle income housing, the company said.

HBL