MUMBAI Feb 12 India's Piramal Enterprises Ltd
has formed a strategic alliance with Canada Pension
Plan Investment Board (CPPIB) to provide rupee debt financing to
residential projects in Indian cities, the company said on
Piramal and CPPIB will initially invest $250 million each in
the venture, which will focus on providing project-level debt to
local developers across Mumbai, Delhi region, Bangalore, Pune
and Chennai markets, it said.
The diversified Piramal Group, which owns an 11 percent
stake in Vodafone India Ltd -- the country's second-biggest
telecoms carrier, had launched its financial arm in 2011 with a
focus on the real estate sector.
(Reporting by Swati Pandey; Editing by Subhranshu Sahu)