Property Distress in India Has Piramal Prowling for Acquisitions
- Piramal sees ‘lots of consolidation’ among indebted developers
- Firm looking to buy residential land, add commercial projects
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Billionaire Ajay Piramal’s son is seeking to take advantage of teetering Indian developers to expand his property business.
Piramal Realty, which counts Goldman Sachs Group Inc. and Warburg Pincus & Co. as minority investors, is looking to buy land from distressed developers and build a portfolio of commercial assets, Anand Piramal, the group’s executive director, said in an interview in Mumbai.