8APRIL 2024PIRAMAL ENTERPRISES INVESTS RS.500 CRORE IN PURAVANKARA GROUPWARBURG PINCUS ACQUIRES MAJORITY STAKE IN APPASAMY ASSOCIATESPiramal Group's flagship company, Piramal Enter-prises, has made a substantial investment exceed-ing 500 crore in a portfolio of projects developed by Bengaluru-based real estate developer Puravankara Group, according to three individuals familiar with the matter. This investment encompasses a diverse range of projects, spanning commercial properties to residen-tial ventures, reflecting a strategic collaboration aimed at bolstering real estate endeavors across various re-gions in India."The Piramal Group entity has made this invest-ment through a senior secured financing structure and it currently covers a total of four projects of the devel-oper," said one of the individuals mentioned above.Among the key projects covered by this investment is the development of commercial properties spread over 800,000 sq ft along Kanakapura Road, a vibrant locality in Bengaluru known for its rapid urbanization and commercial growth. This move aligns with the trend of commercial expansion in Bengaluru, fueled by its status as an IT hub and a thriving business ecosys-tem.The investment also extends to the development of IVC villaments in Bengaluru, catering to the evolv-ing preferences of homebuyers for innovative and lux-urious living spaces. Villaments, a fusion of villas and apartments, offer a unique residential experience, com-bining the privacy and space of a villa with the ameni-ties and convenience of an apartment complex. Addi-tionally, the investment includes residential properties spread over 1.5 million sq ft in Goa. US private equity firm Warburg Pincus has bought a majority stake in Chennai-based Appasamy Associates, India's largest maker of ophthalmic equipment and intraocular lenses (IOLs). Financial de-tails of the transaction were not disclosed. Appasamy operates across the entire value chain of ophthalmic devices - diagnostic, surgical equipment, and IOLs, ac-cording to company statement.ET was the first to report last July that Warburg Pincus was in advanced stages of talks to acquire Ap-pasamy, having signed an exclusivity agreement, and started due diligence of the company.Promoters of Appasamy were expecting a valua-tion of 3,000-3,200 crore, ET reported at the time. Warburg planned to buy a 60-70 percent stake in the company and the business would continue to be run by the current management, ET reported. Post the deal, Appasamy will continue to be led by recently appoint-ed CEO, Senthil Kumar who will drive the business go-ing forward with support of the promoter family and in partnership with Warburg Pincus, according to the statement. Appasamy is also the exclusive distributor for Canon medical equipment in India."The promoters and the management team have a distinguished history of successfully running busi-nesses in the ophthalmic industry. Senthil brings great strengths in building and scaling teams and products across geographies, and we are excited to collaborate with him in Appasamy's next phase of growth," said Na-rendra Ostawal, head of India private equity, Warburg Pincus. TOP STORIES
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