Ajay Piramal, one of India's top industrialists, has struck a deal with Religare Enterprises to sell 80% of his stake in realty fund, Indiareit Fund Advisors – as part of a move to sharpen his group's focus on real estate development.
The deal is valued at over 300 crore according to two people with direct knowledge of the development.
This divestment is part of a larger plan by Piramal to focus on the realty development business through two group companies – Piramal Sunteck Realty and Piramal Realty.
Source: Economic Times