Piramal Capital & Housing Finance sanctions Rs 200 crore to Appaswamy Group

Piramal Capital & Housing Finance, a subsidiary of Piramal Enterprises Limited, has sanctioned a Rs  200 crore facility to the Appaswamy Group (Appaswamy) via a structured equity transaction to enable the acquisition of 3.34 acre land in Kotturpuram, the heart of Chennai.

Appaswamy is one of the largest developers in Chennai and has completed more than 10 mn sq ft of projects till date. Appaswamy acquired this land parcel on River View Road, Kotturpuram, from the TVH Group. The company plans to develop a premium residential project with potential sales revenue totaling in excess of Rs 1000 crore.

“We are pleased to have partnered with the Appaswamy Group for this project which is situated in a preeminent location within the City of Chennai. The Appaswamy Group has a strong record of execution and delivery and we are happy to be associated with them to enable the delivery of this landmark residential development,” says Khushru Jijina, Managing Director, Piramal Capital & Housing Finance.

“Within South India, Chennai is an important market for Piramal Capital & Housing Finance. Since inception in 2014, we have sanctioned and disbursed Rs 3500 crore in Chennai market. With consolidation in the industry, we continue to explore strategic opportunities with partners that are focused on seamless execution, high-quality developments, and timely delivery,” he says.

“We are delighted to partner with Piramal Capital & Housing Finance. In Piramal, we found a deeply committed and knowledgeable partner who bring with them a rich experience in real estate along with a scale & breadth of offerings in financing. We look forward to a long-term and mutually beneficial relationship as we continue on our path towards success,” says Ravi Appasamy, Managing Director, Appaswamy Group.