Piramal Fund to invest Rs. 1,200 cr in Omkar Group's residential project.

Piramal Fund Management, the real estate investment arm of Ajay Piramal-led Piramal Enterprises, has committed to investing Rs. 1,200 crore in Omkar Group's luxury residential project in Mumbai. The project, Omkar 1973, comprising three high-rise towers, is spread over a nine-acre plot at Worli. This is one of the largest single project financing transactions, the company said in a statement.

Of the total commitment, Rs. 400 core will be used to refinance existing debt.

The remaining Rs. 800 crore would be secured against a 20:80 scheme, and is intended to be drawn as construction progresses over the next two years, Piramal Fund Management said in a statement.


HBL