Piramal Group is seeking buyers for its distressed real estate portfolio comprising loans amounting to Rs 1,812 Crs and outstanding security receipts of Rs 782 Crs. Piramal Enterprises (PEL) and its subsidiary Piramal Capital & Housing Finance (PCHL) have jointly invited bids for their real estate portfolios.
Its real estate loan portfolio comprises of Ozone Holdings, Niraj Kumar Associates, ASF Insignia & Black Canyon SEZ, Bhorukha Power Corporation and Gulam Mustafa Enterprises. It also includes security receipts issued by CFM Asset Reconstruction Company and Omkara ARC.
The real-estate projects are spread across Mumbai, Pune, Bengaluru and Gurgaon. The company has appointed EY to assist it in the resolving these assets. The finance company has not indicated a reserve price for the assets but it plans to invite bids by the first week of June. The loan book has outstanding loan of Rs 586 crore for Ozone Holdings project in Bengaluru provided by PCHFL. Piramal’s exposure to ASF Group stands at Rs 561 Crore which includes loans to Insignia SEZ and Black Canyon SEZ. Out of the total, PEL’s debt is Rs 208 crore and PCHFL’s is Rs 353 crore.
