PEL, Ivanhoe Cambridge ink pact

 Piramal Enterprises (PEL) has announced a strategic partnership with Ivanhoé Cambridge, a real estate subsidiary of Caisse de dépôt et placement du Québec (CDPQ), to provide long-term equity capital to blue chip residential developers across the major metro cities in India.

Ivanhoé Cambridge is allocating an initial $250 million for this purpose while PEL will commit an additional amount alongside and co-invest between 25% and 50% of each transaction.

The capital will be made available to a selective list of Grade A developers who have already demonstrated a track record of execution capability, corporate governance and strong return potential. The investment focus shall include the Mumbai Metropolitan Region, Delhi (NCR), Bengaluru, Pune and Chennai, a joint release by both the companies said.

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