Piramal Group sells Rs 2,000 crore exposure in Lodha to Goldman Sachs, says report

In a bid to bring down its single borrower exposure to Mumbai-based real estate major Lodha Developers, Piramal Capital and Housing Finance sold Rs 2,000 crore loan exposure to a unit of Goldman Sachs, Mint reported, citing two people aware of the matter.

As per an email statement received by Mint, a Piramal Capital spokesperson said, "In line with that focus, Rs 1,000 crore (of loan exposure) will be reduced in this quarter. We have also received prepayments and repayments of Rs 200 crore. Piramal Enterprises (Piramal Capital’s holding company) remains committed to deliver improved performance, strengthen our industry leadership and consistently create long term value for our stakeholders."

Primal Enterprise along with Canada-based real estate company Ivanhoé Cambridge, in February, invested about Rs 500 crore in a residential project, Palava City, which is being developed by Lodha, in Mumbai, the report added.