Khaitan & Co has advised Piramal Enterprises Ltd (India) (PEL) and IndiaReit Fund Advisors in relation to formation of a debt fund platform with initial aggregate size of $500m (£300m) where each of PEL and Canada Pension Plan Investment Board committed $250m.
The fund will provide rupee debt financing to residential projects across India’s major urban centres. The debt fund will be managed by IndiaReit, the real-estate private equity arm of PEL.
PEL, a flagship company of the Piramal Group, is a globally integrated enterprises company. IndiaReit is a domestic private equity fund advisory company that advises fund aggregating over $1bn. It is a part of the Piramal Group.
Partner Siddharth Shah led the transaction and advised on the corporate aspects with assistance from partner Bijal Ajinkya on the tax aspects of the transaction. Khaitan & Co acted as legal counsel for the fund and represented PEL and IndiaReit (adviser to the fund) and advised on the corporate and tax aspects of the transaction.