Piramal, Canadian fund to invest Rs. 500 cr in Lodha project in Mumbai.

Piramal Enterprises Ltd. (PEL) and Canadian fund Ivanhoe Cambridge have announced an equity investment of Rs. 500 crore in Palava, a smart city being developed by Lodha Group, located in the Mumbai Metropolitan Region. The investment was made from the Piramal Ivanhoe Residential Equity Fund.

PEL had earlier announced a co-investment fund with Ivanhoe Cambridge to provide long-term equity capital to blue chip residential developers in Mumbai, Bengaluru, Delhi-NCR, Pune and Chennai. Ivanhoe Cambridge had allocated an initial $250 million for the fund.

HBL