Nimbus Projects secures ₹250 crore term loan from Piramal Finance
What's the deal? Nimbus ProjectsDealroom has a profile for this one. Try Dealroom → Limited has secured a ₹250 crore (roughly $29M) term loan from Piramal FinanceDealroom has a profile for this one. Try Dealroom → Limited to fund general corporate purposes. The company's board approved the facility on May 27, 2026, with a sanction letter issued on May 21.
The loan is split into two tranches: a ₹200 crore facility at 13% fixed interest and a ₹50 crore facility at 11.75%. Both run for 48 months and will be disbursed in stages. IITL-Nimbus, The Palm Village — a firm linked to Nimbus Projects — will act as co-borrower.
Why now? The loan is tied to Nimbus Projects' real estate development along the Yamuna Expressway, a corridor that has seen rising developer activity as infrastructure buildout accelerates in the region around Greater Noida and the upcoming Noida International Airport.
What could go wrong? The interest rates — 13% and 11.75% — are steep, reflecting the higher cost of capital in India's non-bank lending market. If project sales or receivables at The Palm Village underperform, servicing the debt could become a strain.
The security package is extensive. Nimbus has mortgaged 11.8 acres of leasehold land in Sector 22A on the Yamuna Expressway, pledged 100% of the partnership interest in IITL-Nimbus, The Palm Village, and hypothecated all project receivables. Promoters Bipin Aggarwal and Sahil Aggarwal have also given personal guarantees, alongside escrow charges, post-dated cheques, and a demand promissory note.
That level of collateral suggests the lender sees meaningful risk — and wants layers of protection.
The signal: Dealroom classifies Nimbus Projects as an "early growth" company, underscoring how dependent India's emerging real estate developers remain on structured debt from NBFCs like Piramal Finance to bridge the gap between land acquisition and sales revenue. With double-digit borrowing costs baked in, the viability of these corridor bets hinges less on cheap capital and more on whether infrastructure-led demand — in this case around the Noida International Airport — materialises fast enough to keep debt serviceable.
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