The investment will be made from the Piramal Ivanhoe Residential Equity Fund. In February 2017, PEL had announced a strategic co-investment fund with Ivanhoé Cambridge to provide long-term equity capital to good quality residential developers in Mumbai, Bengaluru, the National Capital Region (NCR), Pune and Chennai. Ivanhoé Cambridge had allocated an initial $250 million towards this fund. Palava City is an integrated smart city near Mumbai, with over 4,500 acres of land being developed across different phases. Ltd said it will invest ₹2,320 crore in Lodha's signature World Towers project in central Mumbai, in one of the largest debt financing deals in Indian real estate.

Source: Mint February 05, 2019 07:07 UTC