Goldman Sachs has taken a stake in Indian developer Piramal Realty.
The US investment bank said it is investing $150m (€136m) in the development arm of the Piramal Group.
Funds will be used by Piramal Realty, founded in 2011, to expand the company’s real estate portfolio and buy prime properties in and around Mumbai.
Goldman Sachs has invested $2.5bn in India since 2006.
Ankur Sahu, co-head of private equity at Goldman Sachs in Asia, said: “This investment is consistent with our ongoing strategy of partnering with India‟s leading entrepreneurs to invest in sectors critical to the country‟s development.
“The government’s focus on simplifying regulation and boosting economic growth will kick start investment and consumption.
“Under such a cyclical recovery, the demand for high-quality, modern housing and office space from a trusted, proven brand and standardsetting developer will serve to create a significant leader in Indian real estate.”
Piramal Realty has more than 10m sq ft of commercial and residential projects under development in Mumbai’s Byculla, BKC, Mulund, Thane and Worli districts.
The Piramal Group has recently entered into joint ventures with Canada Pension Plan Investment Board (CPPIB) and Dutch pension fund investor APG to invest in Indian housing and infrastructure, respectively.
