Mumbai, India – October 5, 2024: In a strategic move to bolster its financial position, Piramal Capital and Housing Finance has successfully divested a commercial property in Mumbai for a substantial sum. The property, located in the prime Bandra Kurla Complex (BKC) area, was sold to Shoquba Realty for a total consideration of ₹187 crore.
The sale of this commercial asset aligns with Piramal Capital’s ongoing efforts to monetize non-core assets and focus on its core lending business. The company has been actively engaged in selling off properties that are not directly aligned with its long-term strategic objectives.
The Bandra Kurla Complex, a vibrant commercial hub in Mumbai, has witnessed robust demand for commercial real estate in recent years. This strategic location, coupled with the property’s prime location and potential for redevelopment, made it an attractive investment opportunity for Shoquba Realty.
The transaction is expected to provide Piramal Capital with a significant cash infusion, which can be utilized to strengthen its capital base, fund new lending opportunities, or reduce its debt levels. This strategic move reinforces Piramal Capital’s commitment to financial prudence and disciplined asset management.
