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Market Updates

Piramal Group sanctions INR 400 cr for AIPL group’s commercial projects

AIPL

by RM Correspondent

Piramal Group has sanctioned an INR 400 crore loan against AIPL group’s commercial assets including ‘AIPL Joy Central’ which will be the Group’s marquee commercial-mixed use project located in Sector 65, Gurgaon just off Golf Course Extension Road. The project will be spread over 4 acres and will comprise commercial and retail development along with a multiplex.

Piramal Group had also extended INR120cr loan with the group in December 2016 against ‘AIPL Business Club’, a Grade A IT office space located in located in Sector 62 Gurgaon. The 8.1 lac sq.ft. building is in an advanced stage of construction and has witnessed strong sales traction since its launch late last year. Previously, Piramal had also invested INR 140cr towards ‘AIPL Peaceful Homes’, a residential project located in Sector 70-A Gurgaon which has been entirely repaid.

Khushru Jijina, Managing Director, Piramal Finance Limited said, “This transaction is representative of our intent to partner with strong developers in the commercial space and lending on a flexible structure to meet the requirements of the project and the market. I am pleased to have strengthened our relationship with the AIPL Group.”

Daljeet Singh, Managing Director, Advance India Projects Limited said “We are very thankful to the trust placed upon us by the Piramal Group and look forward to a continued and mutually beneficial relationship. We applaud them on their ability to deeply customize their transactions and add tremendous value through the funding process.”

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