Piramal Enterprises categorically Refutes Baseless Rumours on Real Estate Lending Portfolio
Deepthi | Myequity news | Date : 21-10-2018 18:40:00 IST
Piramal Enterprises Limited strongly refuted all baseless rumours of any sort/form that have been floating around with respect to its real estate loan portfolio companies. Among others the rumours relate to loan defaults to PEL/Piramal Capital & Housing Finance Limited (PCHFL) by real estate developers such as Lodha, Omkar, Vatika, Embassy, Radius, Nahar, Aristo, Supertech, etc.
Piramal Enterprises categorically stated that it has an extremely robust loan processing and recovery process including risk management and asset monitoring system. Developers like Lodha. Omkar. Vatika and Embassy referred to in the rumours are part of its lending portfolio but have never defaulted on any interest or repayment obligation to PEL/PCHFL. Additionally, contrary to rumours, PCHFL has not extended any loan to developers like Aristo. Nahar, Supertech, Radius and Amrapali; so is no question of any default on loan repayments by these developers. National Housing Board (NHB) has now initiated their annual inspection of PCHFL. This is purely routine and procedural in nature.
PCHFL. the wholly owned subsidiary of Piramal Enterprises provides various financing solutions in the real estate sector such as early stage private equity, structured debt, senior secured debt, construction finance, flexi lease rental discounting and housing finance.
About Piramal Enterprises Ltd:
Piramal Enterprises Limited (PEL) is one of lndia's large diversified companies, with a presence in Financial Services, Pharmaceuticals and Healthcare insights and Analytics. PEL's consolidated revenues were over US$1.6 billion in FY2018, with around 46% of revenues genemted from outside India. In Financial Services, Piramal Capital & Housing Finance Ltd is registered as a housing finance company with National Housing Bank (NHB) and engaged in various financial services businesses. PEL also has long term equity investments worth ~USD1 billion in Shriram Group, a leading financial conglomerate in India.