IFC Infuses $50M to Propel Birla Estates
Birla Estates has secured Rs 420 crore from International Finance Corporation to develop two major real estate projects in Mumbai and Pune. This investment will enhance sustainable, high-quality housing, setting new industry standards while expanding Birla Estates' market presence in India.
- Country:
- India
Real estate giant Birla Estates has announced a significant financial boost, raising Rs 420 crore from the International Finance Corporation (IFC) for its projects in Mumbai Metropolitan Region and Pune. This investment involves two Special Purpose Vehicles (SPVs), marking a pivotal moment for the company.
The projects will see Rs 148 crore directed towards the Manjri project in Pune, and Rs 272 crore for the Thane project, collectively offering nearly 10 million sq ft of saleable space. The financing structure will see Birla Estates holding a 56% stake, while IFC, part of the World Bank Group, will hold a 44% stake.
K T Jithendran, MD & CEO of Birla Estates, highlighted that the IFC investment signifies a major step in reshaping urban living through sustainable developments. This collaboration is poised to bridge the housing gap in India, particularly for first-time homeowners, aiming to stimulate economic growth and employment.
(With inputs from agencies.)
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- Birla Estates
- IFC
- investment
- Mumbai
- Pune
- real estate
- housing
- sustainable
- development
- India
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