a day ago
International Finance Corporation invests ₹420 crore in Birla Estates' two projects
NEW DELHI:
Birla Estates
(BEPL), a wholly-owned subsidiary of
Aditya Birla Real Estate
, has signed agreement for an investment of approximately ₹420 crore (USD 50 million) from
International Finance Corporation
(IFC), a member of the World Bank Group.
IFC will invest about ₹148 crore in company's Manjri project in
Pune
having approximately 3.13 million sq ft saleable area and about ₹272 crore in its
Thane
project with approximately 6.43 million sq ft saleable area.
The projects will be developed through two special purpose vehicles (SPVs) owned and controlled by Birla Estates. IFC's investment will be made into these SPVs, which will serve as the development platform for both projects.
Under the structure, Birla Estates will hold a 56% economic interest, whereas IFC will hold a 44% economic interest in the SPVs.
In Q4 FY25, BEPL launched five projects across the National Capital Region (NCR), Bengaluru and forayed into the Pune market.
