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Piramal arm offers USD 192 mn for Omkar Group's luxury residential project in Mumbai

About Rs 400 crore will be used to refinance existing debt, while the rest will be provided over the next two years, Piramal said in a statement.

Indulal PM   Mumbai     Last Updated: March 30, 2015  | 17:35 IST
Piramal arm offers $192 million in financing for Omkar project
Piramal arm offers $192 million in financing for Omkar project (Photo: Reuters)

Piramal Fund Management, a unit of Piramal Enterprises, said on Monday it would provide Rs 1,200 crore (about $192 million) in financing for a luxury residential complex in central Mumbai being developed by Omkar Group.

About Rs 400 crore will be used to refinance existing debt, while the rest will be provided over the next two years, Piramal said in a statement.

The project, comprising three high-rise towers spread over 9 acres, will be completed by the end of 2017, it said.

(Reuters)

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