Piramal Group sells Rs 2,000 crore exposure in Lodha to Goldman Sachs, says report
Updated : May 29, 2019 11:44 AM IST
Primal Enterprise along with Canada-based real estate company Ivanhoé Cambridge, in February, invested about Rs 500 crore in a residential project, Palava City, which is being developed by Lodha, in Mumbai, the report added.
Rating agencies such as Fitch, on May 7, downgraded Lodha from stable to negative after it was known that the real estate company has a weak liquidity position and the company's cash flow will not be sufficient enough to repay Rs 690 crore debt due in March 2020, the report added.
The company also sold 95 percent of its stake in its London business for a total equity value of Rs 420 crore in December 2018, focusing only on domestic projects, mostly in Mumbai.