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Warburg Pincus commits $284m to India's Piramal Realty

  • Holden Mann
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Warburg Pincus has agreed to invest INR18 billion ($284 million) in Piramal Realty, the real estate development arm of Indian conglomerate Piramal Group.

Piramal will use the funds to expand its portfolio and to acquire more land for development in and around Mumbai, according to a release. Currently the company has over 10 million square feet of land under development nationwide.

This is one of Warburg Pincus' biggest local-currency investments in India to date. It is also the firm's second investment in a Piramal Group company. The PE firm previously invested in Piramal Healthcare in 1997. Unusually for a PE investment in real estate, the firm has backed the company itself rather than a specific project.

Warburg Pincus is currently investing out of its 11th fund, which launched in 2011 and closed in 2013 at $12 billion. The firm's previous most significant Indian investment this year was an INR8.5 billion commitment to e-commerce logistics start-up Ecom Express.

Piramal itself is a player in Indian investments, having partnered in 2014 with Dutch pension fund manager APG Asset Management to invest up to $1 billion in Indian infrastructure companies over the next three years.

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