Brookfield takes over residential project in Mumbai

21 Jul 2020 CW Staff

Global alternative investment manager Brookfield Asset Management has taken over realty developer Peninsula Land’s equity stake in its premium project ‘Salsette 27’ in Mumbai’s Byculla locality.

“This transaction has resulted in reduction in the company's debt obligations to Brookfield by Rs 539.14 crore…The remaining NCDs of Rs 20 crore will be repaid to Brookfield from the proceeds of another completed project of the company, over the next 18 months,” Peninsula Land said in a regulatory filing.

In 2016, the Canadian institutional investor had invested Rs 450 crore in the project through non-convertible debentures in 2016 marking its first investments into Indian residential real estate.

The developer’s total debt obligation towards the same stood at Rs 559.14 crore including the principal of Rs 450 crore and accrued interest of Rs 109.14 crore.

The company is looking to reduce its debt, which currently stands around Rs 1,400 crore, further through sale and monetisation of its investments.

With this transaction, the Ashok Piramal Group company has met its obligations to Brookfield and has also separately entered into a service agreement to continue developing and selling the said project for the special purpose vehicle Goodtime Real Estate.

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..