Piramal, Canada's CPPIB form $500m realty investment fund

Piramal Enterprises Ltd has formed a strategic alliance with Canada Pension Plan Investment Board (CPPIB) to provide rupee debt financing to residential projects in Indian cities, the company said on Wednesday.

Piramal and CPPIB will initially invest $250 million each in the venture, which will focus on providing project-level debt to local developers across Mumbai, Delhi region, Bangalore, Pune and Chennai markets, it said.

The diversified Piramal Group, which owns an 11 percent stake in Vodafone India Ltd -- the country's second-biggest telecoms carrier, had launched its financial arm in 2011 with a focus on the real estate sector.

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