Piramal Fund Management and Shapoorji Pallonji Real Estate Development will pump in about Rs 300 crore in a real estate project launched by Mumbai-based developer Ornate Spaces.
The duo, along with Ornate, will construct a one million sq ft residential project titled Grove Towers, at Oshiwara in suburban Mumbai.
Out of the planned outlay, 275 crore is debt-type funding by the Piramals; the rest is an equity investment by Shapoorji Pallonji Real Estate (SPRE).
The proposed project will have two towers of 38 floors each with modern amenities.