Investment bank Goldman Sachs will invest $150 million for a minority stake in India’s Piramal Realty, the Mumbai-based real-estate developer said on Monday.
The funds will be used to expand the company’s current real estate portfolio and acquire prime properties in and around Mumbai, it said in a statement.
In July, a unit of private-equity firm Warburg Pincus LLC invested $284 million for a minority stake in Piramal Realty.
The size of the deal is not yet disclosed.
Anand Piramal, Executive Director of the Piramal Group said “As one of the leading investors in global real estate, Goldman Sachs has helped develop 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.”
In tandem with this investment, Piramal Realty, announced plans to launch a first-of-its-kind buy back guarantee called “Piramal Assurance.” Subsequently, the company will offer to buy back any residential unit from a customer at a five percent discount to the market value until possession should a buyer not be satisfied.
(With Agency inputs)