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representative imagePiramal Group It is looking for buyers for its distressed real estate portfolio, which includes loans of Rs 1,812 crore and outstanding security receipts of Rs 782 crore, said two people familiar with the matter.
Piramal Enterprises (PEL) and its subsidiary Piramal Capital & Housing Finance (PCHFL) have jointly invited bids for their real estate portfolio.
Piramal declined to comment on the development.
Its real estate loan portfolio includes ozone holdings, Neeraj Kumar Associates, ASF Insignia and Black Canyon SEZ, Bhoruka Power Corporation, and Ghulam 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, said one of the persons cited above.
The same person said that the company has appointed EY to assist it in resolving these assets.
The finance company has not indicated the reserve price for the property but said it plans to invite bids by the first week of June.
The loan book has an outstanding loan of ₹586 crore ozone holdings‘ Project provided by PCHFL in Bengaluru.
Piramal’s exposure to ASF Group is Rs 561 crore, which includes loans to Insignia SEZ and Black Canyon SEZ. Of the total debt, PEL’s debt is Rs 208 crore and PCHFL’s is Rs 353 crore.
The portfolio also includes ₹162 crore disbursed to over ten real estate projects promoted by Neeraj Kumar Associates (Montvert Group) in Pune and Lonavala. This includes PEL’s loan of Rs 41 crore and PCHFL’s loan of Rs 121 crore.
Piramal has also blocked loans of Rs 219 crore to Bhoruka Power Corporation and Rs 282 crore to Ghulam Mustafa Enterprises.
Piramal has invited offers for security receipts of ₹251 crore issued by CFM ARC and ₹531 crore issued by Omkara ARC.
Piramal sold the loan given earlier Paranjpe Planning Construction Loan to CFM ARC and Advantage Raheja Group to Omkara ARC.
ARC paid Piramal partly in cash and partly in the form of security receipt payable on recovery of the loan.
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