Mumbai– Piramal Enterprises (PEL) on Thursday announced a partnership with real estate investor Ivanhoé Cambridge with which it plans to provide long term equity capital to blue chip residential developers across five major cities in India.

According to the company, Ivanhoé Cambridge, an arm of institutional fund manager CDPQ has allocated an initial amount of $250 million for the new initiative.

On its part, PEL will commit additional amount and co-invest between 25 per cent and 50 per cent of each transaction.

Besides, PEL said that the capital will be made available to a select Grade A developers who have already demonstrated a track record of execution capability, corporate governance and strong return potential.

“Given the scale of our existing real estate offering and roster of existing developer relationships, the partnership will enable us to execute on very compelling opportunities to deliver high quality residential developments in the local markets that we service,” Ajay Piramal, Chairman, Piramal Enterprises was quoted as saying in a statement.

The company added that the investment through the partnership will focus on areas such as the Mumbai Metropolitan Region, Delhi (NCR), Bangalore, Pune and Chennai. (IANS)