Piramal Finance which manages the financial services business of the Piramal Group, has decided to lend Rs 450 crore to a joint venture entity of Embassy Group and Phoenix Group to develop three SEZ projects around Hyderabad. The cumulative space which these three projects will add is estimated to be in the range of 10 million sq. ft.
According to a report recently published in The Minit newspaper, the loan has been provided in the form of construction finance. “Hyderabad has advantages of having one of the best infrastructure amongst cities and a proactive government,” Khushru Jijina, managing director at Piramal Finance has been quoted as saying in the report.
“We started investing in Hyderabad in 2014, at a time when most other banks or NBFCs (non-banking financial companies) perceived Hyderabad negatively for investments, considering its history of political uncertainty and weak real estate sector for a prolonged period,” he added.