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 told PTI on Monday.
"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 USD 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 and 16 Colleyers Quay in Singapore.
"Their experience and expertise will further inspire us to build world-class developments in India and achieve the highest standards of design, technology, quality, execution and customer service," Piramal said.
Commenting on the deal, Goldman Sachs' Asia Co-head of private equity Ankur Sahu said, "This investment is consistent with our ongoing strategy of partnering with India's leading entrepreneurs to invest in sectors critical to the country's development."
He said the government's focus on simplifying regulation and boosting economic growth will kick start investment and consumption.
PTI
First Published: Monday, August 17, 2015, 15:51