Bengaluru: Mumbai-based Piramal Realty, the real estate development arm of Ajay Piramal Group, has appointed N.M. Gattu as its first dedicated chief financial officer (CFO).
Gattu, who was the CFO of realty firm DB Realty for nearly six years, has joined Piramal Realty at a time when the company is looking at expanding in the residential and commercial office space segments.
Gattu and a Piramal Realty spokesperson confirmed the news.
Piramal Realty is led by Ajay Piramal’s son Anand Piramal, who is executive director of Piramal Group. Though Piramal Realty didn’t have a dedicated CFO before this, a senior executive in the group was internally managing the financials of the real estate business.
Founded in 2012, Piramal Realty is backed by private equity firm Warburg Pincus and investment bank Goldman Sachs Group Inc. Both entity-level investments, Warburg Pincus invested ₹ 1,800 crore and Goldman Sachs pumped in ₹ 900 crore into the company in 2015, implying a sense of faith in global investors to back Indian companies with strong fundamentals.
Currently, the company has residential, commercial office and mixed-use developments in Mumbai and suburban Thane.
On Wednesday evening, DB Realty said it has appointed A. Anil Kumar, former CFO of Bengaluru-based Puravankara Projects Ltd, to replace Gattu.