Piramal Fund Management (PFM) on Tuesday said it has invested Rs 225 crore in a subsidiary of Ganesh Housing Corporation Ltd, Ahmedabad.
In an expansion of the investment remit from select Tier I cities of Mumbai, Pune, Bengaluru, NCR and Chennai, PFM has underwritten this significant transaction with the Ahmedabad-based company, according to a press release.
Ganesh Housing is listed on the BSE and NSE, and a Tier I developer and large land owner in Ahmedabad.
The said investment is towards a prime city-centric land parcel in the Thaltej area of Ahmedabad. The project, extending over nearly 10 acres and 1.8m sq ft of saleable area, is envisaged to be developed as a mixed use scheme with a combination of residential apartments coupled with both commercial as well as a high street retail component.
The deal has been structured as a fixed return investment with appropriate security and control mechanisms in place, said Khushru Jijina, Managing Director, Piramal Fund Management.