Mumbai- based home developer Wadhwa Group is set to raise Rs100 crore from Piramal Finance to pay for a plot at Chembur in Mumbai suburban that it has bought from PepsiCo India.
The Wadhwa Group has also entered into an equity partnership with Bengaluru-based developer Salarpuria Sattva Group to develop the project jointly.
The 2.3 acre plot, which has been sold for around Rs170 crore, will have around 6,00,000 sq ft of residential development.
The debt will be used for land payment.
The project, which is located in Chembur, will be launched in the next few months and will have apartments ranging from two bedroom to four bedroom homes.
The project is one of the seven projects Wadhwa Group is planning to launch in 2018.