Piramal plans to invest US$2b in Indian property

Mumbai

INDIA'S Piramal Enterprises plans to invest US$2 billion in real estate projects over the next two years, betting that a revival in the economy under a new government will boost demand for property, its billionaire chief said.

Its planned investment could help developers complete commercial and residential projects left unfinished when they ran out of money and banks cut back on credit to a sector badly mauled by a slowdown in Asia's third-biggest economy.