Phoenix ARC, Ares SSG bid for Piramal Group’s Rs 2,600-crore bad loans, ET RealEstate

June 23, 2023

MUMBAI: Kotak Mahindra-backed Phoenix ARC along with Cerberus Capital and Ares SSG with ACRE are two bidders vying for Piramal Group‘s distressed loan portfolio worth ₹2,600 crore, said people familiar with the matter.

The deal has attracted attention as one of the largest transactions in distressed assets, because of debt of marquee real estate projects on sale.

At the heart of the debt pool is the prominent Advantage Raheja account, part of the Deepak Raheja group, which includes premium properties such as JW Marriott in Bengaluru and Crowne Plaza.

These two projects alone account for half of the debt being put up for sale. Additionally, loans from Paranjape Schemes Construction, renewable energy company Bhoruka, Pune-based developer Mont Vert and Ozone Developers are also up for grabs.

Piramal Group will engage in negotiations with the highest bidder and set a reserve price for the auction. These loans are sourced from Piramal Capital Housing’s book, and not from the newly acquired Dewan Housing Finance book.

  • Published On Jun 20, 2023 at 08:40 AM IST

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