Piramal Enterprises Looking to Expand in Real Estate Financing
Piramal Enterprises on Friday said it is looking to expand its real estate development business and also expects to have a licence to start providing home mortgages by July.
Ajay Piramal, chairman of Piramal group, speaks to fund managers and analysts at his office in Mumbai on May 21, 2010. (Photo: Reuters/Arko Datta)
Mumbai: Piramal Enterprises on Friday said it is looking to expand its real estate development business and also expects to have a licence to start providing home mortgages by July.
"Till now our focus was more on the Tier 1 cities and Tier 1 developers in those cities," billionaire Chairman Ajay Piramal told Reuters on Friday in an interview after the group announced a 61 percent jump in fourth quarter net profit.
The group said in January that it planned to start offering mortgages and Piramal said it should have a licence by July.
In an executive order that altered the Banking Regulation Act, the government authorised the Reserve Bank of India (RBI) to direct banks to initiate an insolvency resolution process in the case of defaults. The move could spur deal activity in distressed assets.
"This is a step in the right direction," said Piramal, adding that the joint venture with Bain was looking at distressed asset opportunities in the chemical and pharmaceutical sectors and in heavy industry.
It is keen to buy assets that it can operate as going concerns, potentially in partnership with the existing owners, or experts in the sector, he said.
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