Piramal Finance Limited (PFL), a subsidiary of India’s Piramal Enterprises Limited, has lent a total of INR11 billion ($171 million, €153 million) to commercial real estate developer Embassy Group.
The financing is broken down into two parts. Construction finance of INR4.5 billion has been advanced to back the development of a premium residential project, Embassy Residences, in Chennai and a commercial real estate project in the financial district of Hyderabad, a joint venture between Embassy and Phoenix Group of Hyderabad, according to a release.
