Ashwin Sheth Group acquires 50% stake in One Marina project in Mumbai
NEW DELHI:
Ashwin Sheth Group
has acquired a 50% stake in
One Marina
, a residential project situated on
Marine Drive
,
Mumbai
.
PAG
, Singapore, an alternative investment firm, has committed over ₹540 crore (USD 65 million) to fund the construction and development of the project.
The company has acquired the project from Vallabh Sheth and Jitendra Sheth, who previously held this share alongside the landowner, YM Infra.
Part of the funds raised were used to facilitate the exit of J.C. Flower ARC, whose loan from Yes Bank was settled by Ashwin Sheth Group to clear the way for the new partnership.
The project has a gross development value (GDV) of ₹2,300 crore. Of the total one million sq ft in the project, Ashwin Sheth Group holds a seleable area of four lakh sq ft.
In June 2024, the company had informed exclusively to ETRealty, that there are three projects where they are working with NBFCs and developers having stressed assets and two projects which are under NCLT where they have submitted the bids. All five projects are situated in South Mumbai and are luxury and super-luxury projects.
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