Mumbai: Private equity company Piramal Fund Management (PFM) has invested Rs 225 crore in realty firm Ganesh Housing Corporation's mixed use development project in Ahmedabad.
"PFM has invested Rs 225 crore with a subsidiary of Ganesh Housing Corporation. The investment is towards a prime city centric land parcel situated close to Surdhara Circle in Thaltej, Ahmedabad," the company said in a statement.
The investment marks the company's foray into Ahmedabad market after funding projects in cities like Mumbai, Pune, Bangalore, Delhi NCR and Chennai.
The project, spread across 10 acres with a saleable area of nearly 1.8 million sqft, is envisaged to be developed as a mixed-use scheme with a combination of residential apartments coupled with both commercial and high street retail component, the release stated.
"Our decision to expand our target geographies was based on a great deal of research in potential target locations and we found Ahmedabad to be a viable destination for investment. We look forward to expanding our presence over time," PFM Managing Director Khushru Jijina said.
PFM caters to early stage equity, late stage debt and construction finance.
"In addition to a sizeable portfolio extending across the Tier I cities, we are analysing Tier II cities on a selective basis and intend to scale up its exposure to these locations gradually," he added.