Piramal Healthcare subsidiary IndiaReit plans Rs 500 crore realty fund

MUMBAI: IndiaReit Fund, a subsidiary of Piramal Healthcare, plans to raise a fund of 500 crore starting next month to invest in commercial property. The company will also raise 1,000 crore next year for development projects, primarily residential, its chief executive officer Ramesh T Jogani has said.

The company has recently invested Rs 90 crore in a slum redevelopment project at Chembur in Mumbai with Aristo Developers, an existing partner of the company. IndiaReit was a privately-owned enterprise of the Piramals, but it has been folded into a subidiary Piramal Healthcare recently.

Piramal Healthcare sold a large piece of its pharmaceutical business, domestic formulations, to Abbott Laboratories in May last year for an upfront payment of around Rs 12,000 crore.