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Taking its diversification strategy to the next level, Piramal Fund Management has expanded its portfolio to further offer flexi lease rental discounting (LRD). As reported, the fund will discount future cash flows of completed and leased commercial assets including office blocks and retail malls. It is known that an initial pipeline of deals has been identified and the company is in talks with two developers from Mumbai and Bengaluru for their leased office complexes to conclude LRD deals totaling Rs 1,500 crore. That said, the fund intends to scale its book size up to Rs 10,000 crore by 2017-18.    Through this innovative form of flexi LRD, it has been reported that the fund management firm can be with the developer partners for 18 years. The fund will be financing the developer up to 75 per cent of the discounted cash flows from the property for tenure up to 12 years. While the LRD will be for 70 per cent of the cash flows, an additional 5 per cent will be loan against property and the developer will be paying interest on this additional part only at the end of the tenure. The interest rate for these financing deals will be range between 10.25 per cent and 11 per cent on floating basis. Piramal Fund Management, through flexi LRD, will focus on the top six property markets including Mumbai, NCR, Bengaluru, Pune, Chennai and Hyderabad.