PFM okays 1,020 cr projects under flexi LRD scheme

Piramal Enterprises’ financial services division, Piramal Fund Management (PFM), has sanctioned two investments worth Rs 1,020 crore under its flexible lease rental discounting (LRD) scheme. The firm has approved Rs 440 crore for Wadhwa Group’s commercial project in BKC in the megapolis while the second investment is of Rs 580 crore against ASF Group’s IT SEZ development – ‘ASF Insignia’ - in Gurgaon.

With these two transactions, the company has so far sanctioned investments to the tune of Rs 2,000 crore within three months of launching the LRD for completed commercial assets that include office and retail space.

Prior to these two transactions, PFM approved flexi LRD with Reliable Group in Mumbai and Mantri Group in Bengaluru which was also to the tune of Rs 1,000 crore.

“In November last year, we announced our target for LRD to be Rs 10,000 crore for next 12-15 months and we have already achieved 20 per cent of it within three months of its launch. Through these transactions, we have further strengthened our relationship with the Wadhwa Group, an existing ‘Piramal Preferred Partner’, with whom we have done multiple investments in the past as well as initiated a new relationship with the ASF Group,” Piramal Fund Management’s Managing Director Khushru Jijina said.