Shapoorji Pallonji, Piramal to invest Rs 300 crore in city project

MUMBAI: Ajay Piramal’s Piramal Fund Management and Shapoorji Pallonji Real Estate Development will pump in about Rs 300 crore in a real estate project launched by Mumbai-based developer Ornate Spaces.

The duo, along with Ornate, will construct a 1 million sq.ft residential project titled Grove Towers at Oshiwara in suburban Mumbai. The project managers claim to have received necessary approvals to start work on the site.

Out of the planned outlay, 275 crore is debt-type funding by the Piramals; the rest is an equity investment by Shapoorji Pallonji Real Estate (SPRE). “We’ll put all our might behind this project… So we’ll be actively involved in management and marketing of this project,” said Venkatesh Gopalkrishnan, president & CIO of Shapoorji Pallonji Real Estate.

“We like to back real estate developers with good projects and clear land titles. That has always been part of our strategy,” said Venkatesh Gopalkrishnan. The proposed project will have two towers of 38 floors each with modern amenities.