Mumbai: Piramal group firm Indiareit Fund Advisors Pvt Ltd plans to raise up to $800 million through a second global fund before April, a top official said on Tuesday.
UK’s 3i has already committed $250 million to the fund which will invest in the Indian real estate sector, he said at a conference to launch the group’s new corporate identity.
“Since it is a global fund ... we need approvals to launch in different countries,” said group chairman, Ajay Piramal. “It should not be more than April, I guess.”
Indiareit currently manages about $450 million raised through two series of funds in the domestic market and one in the overseas market.
Separately, he added analysts had valued the pipeline of drugs under development at the research entity, which was recently spun off from group flagship Nicholas Piramal India Ltd at $480 million to $540 million.
The research unit, to be called Piramal Life Sciences Ltd, is expected to be listed on the stock exchange by June.
Piramal has said the founders could dilute about 10% stake in the research unit to private equity players or strategic investors, including international drug companies, over the next 12 months.
Top Indian firms including Dr Reddy’s, Sun Pharmaceutical Industries and Ranbaxy have chosen to spin off their research into separate units to help lower risk from high drug development costs and unlock value. Piramal group has decided to bring all its group companies under the Piramal brand name, subject to shareholder and central government approvals.
Flagship Nicholas Piramal India will be renamed Piramal Healthcare Ltd and Gujarat Glass Ltd will now be Piramal Glass Ltd.
Unlisted NPIL Laboratories and Diagnostics Pvt Ltd will be called Piramal Diagnostic Services Pvt Ltd.
Nicholas Piramal shares were trading 5.34% higher at Rs292.80 in a firm Mumbai market.