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Piramal Group gets premium for Rs 531 crore residual bad loans

Dated on: Wednesday 25th October 2023

Piramal Group has successfully offloaded residual non-performing loans amounting to Rs 531 crore related to its Advantage Raheja exposure. This includes assets like the JW Marriott hotel in Bengaluru and a Crowne Plaza unit in Pune. Omkara Asset Reconstruction Co. has acquired these loans, granting them complete ownership of all loans associated with this exposure. These loans, previously represented as security receipts (SR) on Piramal's books, are now being sold for an upfront cash sum.

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