Piramal Finance Pvt. Ltd, which houses the entire financial services business of the Piramal Group, has lent Rs450 crore to a joint venture between Bengaluru-based developer Embassy Group and Hyderabad’s Phoenix Group, which is developing three special economic zones (SEZs) in Hyderabad, company executives said.
The money has been given in the form of construction finance to procure approvals and develop the SEZs, which will be built across 10 million sq. ft.
In the joint venture, Phoenix Embassy Tech Zone Pvt. Ltd, Embassy is an equity partner while Phoenix provides the land. Both are involved in project construction.
With this transaction, Piramal Finance has committed more than Rs2,000 crore in the last two years or so in Hyderabad, of which Rs1,000 crore has been committed to the Phoenix Group.
Read more : Live Mint