Piramal Fund Management (PFM), part of the Ajay Piramal led- Piramal Enterprises, has invested Rs 425 crore in a central Mumbai project being developed by Lodha Group, a statement from the real estate developer said. The deal follows the recent downgrade of Lodha by international ratings agency Moody's. On May 17, Moody's downgraded the corporate family rating of Lodha Developers (LDPL) to B1 from Ba3. Moody's also downgraded the senior unsecured debt rating of the US dollar denominated bonds issued by Lodha Developers International Limited and guaranteed by LDPL to B1 from Ba3. According to information sourced from the industry, the project is an upcoming one in Parel called Lodha Azzuro and is being developed by a 100% subsidiary of Lodha Developers, the flagship company of Lodha Group.