Latest news with #DeepakParekh
Time of India
4 days ago
- Business
- Time of India
IFC, HDFC Capital partner for green affordable housing finance in India with $1 billion fund
The International Finance Corporation (IFC) is anchoring a $1 billion real estate fund with HDFC Capital Advisors, aiming to boost green affordable housing in India. IFC's $150 million investment in the H-DREAM Fund will help mobilize $850 million from other investors. The fund will finance projects implementing green building standards, addressing the housing gap and promoting sustainable urban growth. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The International Finance Corporation IFC ) has entered into an agreement with HDFC Capital Advisors to anchor a $1 billion (about Rs 8,770 crore) real estate fund focused on green affordable housing in a member of the World Bank Group, will invest up to $150 million (about Rs 1,320 crore), in the HDFC Capital Development of Real Estate Affordable and Mid-Income Fund ( H-DREAM Fund ), which will be managed by HDFC Capital, the real estate private equity arm of the HDFC fund will finance projects that prioritise affordable and mid-income housing, while implementing the EDGE (Excellence in Design for Greater Efficiencies) green building framework, in line with global sustainability standards.'For India, housing remains a social imperative and has strong multiplier effects on the economy. The H-DREAM Fund integrates sustainability with financing, which will go a long way in addressing the housing gap and build resilient communities. IFC continues to play a pioneering role in facilitating a greener and more inclusive India,' said Deepak Parekh, non-executive chairman, HDFC commitment is expected to help mobilise up to $850 million, including sponsor commitment, of long-term capital from institutional investors. Additionally, the fund will enable the development of at least 25,000 green, affordable and middle-income housing units.'Green affordable housing delivers a dual impact as it meets the urgent need for inclusive housing while advancing sustainability in urban development. IFC's investment in H-DREAM Fund is designed to demonstrate the viability of innovative financing vehicles and mobilise long-term private capital for green housing solutions,' said Imad N Fakhoury, regional director for South Asia, to him, the IFC-HDFC Capital partnership aims to help developers scale up green projects, create jobs, boost urban resilience and set a benchmark for sustainable urban growth.'HDFC Capital is focused on providing early-stage financing to address supply-side bottlenecks for high quality affordable and mid-income housing in India,' said Vipul Roongta, managing director and CEO, HDFC Capital. 'Our endeavour is to integrate financing, facilitate energy, water and material efficiency along with innovative technology-based solutions in housing development. This platform will channelise global and domestic capital to address the most basic social need of housing in India.'The fund has witnessed interest from global and domestic institutions and Indian family offices, with in-principle commitments of $350 million already in place, according to is the largest sustainability-led affordable housing fund in India—and among the largest in the world. It also marks the biggest supply-side financing initiative in this segment.'By leveraging market-based solutions and channelling institutional capital to underserved markets, this initiative will broaden access to housing finance , create opportunities for smaller developers, and strengthen and diversify the housing value chain,' said Carsten Mueller, IFC's regional industry director for manufacturing, agribusiness and services in buildings sector accounts for about 33% of total electricity consumption globally, with the share of residential buildings at about 24%. Greening this sector is crucial to sustainably bridge the housing nascent, IFC estimates a potential investment opportunity of $1.4 trillion in India's green buildings market by 2030. Of this, $1.25 trillion or nearly 90% will come from the residential India, an estimated 275 million people, or 22% population, lack access to adequate and affordable housing. Urban housing shortfall stands at about 18 million housing units in tier-1 and tier-2 cities.
Economic Times
4 days ago
- Business
- Economic Times
IFC, HDFC Capital partner for green affordable housing finance in India with $1 billion fund
AI generated image used for representation The International Finance Corporation (IFC) has entered into an agreement with HDFC Capital Advisors to anchor a $1 billion (about Rs 8,770 crore) real estate fund focused on green affordable housing in India. IFC, a member of the World Bank Group, will invest up to $150 million (about Rs 1,320 crore), in the HDFC Capital Development of Real Estate Affordable and Mid-Income Fund (H-DREAM Fund), which will be managed by HDFC Capital, the real estate private equity arm of the HDFC Group. The fund will finance projects that prioritise affordable and mid-income housing, while implementing the EDGE (Excellence in Design for Greater Efficiencies) green building framework, in line with global sustainability standards.'For India, housing remains a social imperative and has strong multiplier effects on the economy. The H-DREAM Fund integrates sustainability with financing, which will go a long way in addressing the housing gap and build resilient communities. IFC continues to play a pioneering role in facilitating a greener and more inclusive India,' said Deepak Parekh, non-executive chairman, HDFC commitment is expected to help mobilise up to $850 million, including sponsor commitment, of long-term capital from institutional investors. Additionally, the fund will enable the development of at least 25,000 green, affordable and middle-income housing units. 'Green affordable housing delivers a dual impact as it meets the urgent need for inclusive housing while advancing sustainability in urban development. IFC's investment in H-DREAM Fund is designed to demonstrate the viability of innovative financing vehicles and mobilise long-term private capital for green housing solutions,' said Imad N Fakhoury, regional director for South Asia, to him, the IFC-HDFC Capital partnership aims to help developers scale up green projects, create jobs, boost urban resilience and set a benchmark for sustainable urban growth.'HDFC Capital is focused on providing early-stage financing to address supply-side bottlenecks for high quality affordable and mid-income housing in India,' said Vipul Roongta, managing director and CEO, HDFC Capital. 'Our endeavour is to integrate financing, facilitate energy, water and material efficiency along with innovative technology-based solutions in housing development. This platform will channelise global and domestic capital to address the most basic social need of housing in India.'The fund has witnessed interest from global and domestic institutions and Indian family offices, with in-principle commitments of $350 million already in place, according to is the largest sustainability-led affordable housing fund in India—and among the largest in the world. It also marks the biggest supply-side financing initiative in this segment. 'By leveraging market-based solutions and channelling institutional capital to underserved markets, this initiative will broaden access to housing finance, create opportunities for smaller developers, and strengthen and diversify the housing value chain,' said Carsten Mueller, IFC's regional industry director for manufacturing, agribusiness and services in Asia. The buildings sector accounts for about 33% of total electricity consumption globally, with the share of residential buildings at about 24%. Greening this sector is crucial to sustainably bridge the housing nascent, IFC estimates a potential investment opportunity of $1.4 trillion in India's green buildings market by 2030. Of this, $1.25 trillion or nearly 90% will come from the residential India, an estimated 275 million people, or 22% population, lack access to adequate and affordable housing. Urban housing shortfall stands at about 18 million housing units in tier-1 and tier-2 cities.
News18
4 days ago
- Business
- News18
IFC commits USD 150 mn to affordable housing fund promoted by HDFC Capital
New Delhi, Aug 7 (PTI) IFC has committed up to USD 150 million (about Rs 1,300 crore) as an anchor equity investment in H-DREAM Fund (HDFC Capital Development of Real Estate Affordable and Mid-Income Fund), promoted by HDFC Capital, in a bid to promote green, affordable housing and expand access to sustainable financing for property developers. The real estate private equity arm of HDFC Group, HDFC Capital, will manage the fund, which has a target corpus of USD 1 billion (USD 500 million with a green shoe of USD 500 million), a joint statement said on Thursday. The fund will finance projects that prioritise affordable and mid-income housing, while implementing the EDGE (Excellence in Design for Greater Efficiencies) green building framework, in line with global sustainability standards, it said. H-DREAM is among the first private credit funds globally to champion the development of green, affordable and mid-income housing, it said. IFC's commitment is expected to help mobilise up to USD 850 million (including sponsor commitment) of long-term capital from institutional investors, it said, adding that the fund will enable the development of at least 25,000 green, affordable and middle-income housing units. 'Green affordable housing delivers a dual impact: it meets the urgent need for inclusive housing while advancing sustainability in urban development. IFC's investment in H-DREAM Fund is designed to demonstrate the viability of innovative financing vehicles and mobilise long-term private capital for green housing solutions," IFC Regional Director for South Asia Imad N Fakhoury said. By empowering developers to issue green finance instruments and scale sustainable projects, the partnership with HDFC Capital aims to create jobs, build resilience, improve livability in cities and set a benchmark for the future of urban transformation, he said. On the development, HDFC Capital chairman Deepak Parekh said that housing remains a social imperative and has strong multiplier effects on the economy. The H-DREAM Fund integrates sustainability with financing, which will go a long way in addressing the housing gap and build resilient communities. IFC continues to play a pioneering role in facilitating a greener and more inclusive India, Parekh added. The buildings sector accounts for about 33 per cent of total electricity consumption globally, with residential buildings accounting for about 24 per cent. Greening this sector is crucial to sustainably bridge the housing gap, it said. This platform will channelise global and domestic capital to address the most basic social need of housing in India. We are witnessing interest from global and domestic institutions and Indian family offices with in-principle commitments of about USD 350 million in place already, HDFC Capital MD & CEO Vipul Roongta said. PTI DP DP SHW view comments First Published: August 07, 2025, 17:15 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
NDTV
21-06-2025
- Business
- NDTV
ICICI Bank Made Offer To Acquire HDFC Ltd Before Reverse Merger: Ex-Chairman Deepak Parekh
New Delhi: Veteran banker and former chairman of HDFC Ltd, Deepak Parekh, has said that ICICI Bank had made an offer to take over mortgage lender HDFC Ltd but it was declined. HDFC Ltd, the parent entity of HDFC Bank, later merged with its banking subsidiary to create the country's biggest private sector lender. The merger became effective from July 1, 2023. With the reverse merger, the 44-year-old institution HDFC Ltd faded into memory lane. Interestingly, creation of HDFC Ltd was financially supported by erstwhile ICICI Ltd, the parent entity of ICICI Bank. During an interaction with ex-ICICI Bank MD and CEO Chanda Kochhar, released on YouTube, Parekh said, "I remember you talking to me said that ICICI started HDFC. 'Why don't you come back home?' That was your offer." However, Parekh said he declined the offer, saying "it won't be fair or proper with our name and the bank and all." Later eventual reverse merger with HDFC Bank, completed in July 2023, was driven mainly by regulatory pressure, he said, adding, "RBI supported us and they pushed us into it to some extent and they helped were no concessions, no relief, no time, nothing but they helped us to go through the process and get the approval." Describing the merger as good for the institution, he said, it is good for the country to have large banks. Indian banks must grow through acquisitions to become stronger in future, he added. (Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
India.com
21-06-2025
- Business
- India.com
ICICI-HDFC Merger Almost Happened? Deepak Parekh Shares Surprising Detail
New Delhi: In a surprising revelation, former HDFC chairman Deepak Parekh shared that ex-ICICI Bank CEO Chanda Kochhar had once suggested a merger between ICICI and HDFC—long before HDFC's own reverse merger with HDFC Bank took place. The idea, though never pursued sheds light on what could have been one of the biggest mergers in India's banking history. In a YouTube video, former HDFC chairman Deepak Parekh recalled a conversation with former ICICI Bank MD & CEO Chanda Kochhar. He said, 'I remember you talking to me once…you said that ICICI started HDFC. 'Why don't you come back home?' That was your offer.' Parekh shared that he had politely declined the idea, saying, 'It won't be fair or proper with our name and the bank and all.' He also noted that the HDFC-HDFC Bank reverse merger, which was completed in July 2023, was largely driven by regulatory pressures. Former HDFC chairman Deepak Parekh revealed that the merger with HDFC Bank, completed in July 2023, was largely driven by regulatory pressure. The Reserve Bank of India had classified large NBFCs like HDFC—those with assets exceeding Rs 5 lakh crore as systemically important, crossing the Rs 50,000-crore threshold. Talking about the RBI's role, Parekh said, 'The RBI supported us and they pushed us into it to some extent and they helped us…there were no concessions, no relief, no time, nothing but they helped us to go through the process and get the approval.' Speaking about the process, Parekh said, "RBI supported us and they pushed us into it to some extent and they helped us." However, he made it clear there were "no concessions, no relief, no time, nothing." Reflecting on the day the merger was finalized, Parekh described it as "a sad day and a happy day." He added, "It's good for the institution." Deepak Parekh shared that the RBI played a key role in the HDFC-HDFC Bank merger. "RBI supported us and they pushed us into it to some extent and they helped us," he said. However, he clarified that the process wasn't made easier in any way, adding there were "no concessions, no relief, no time, nothing." Reflecting on the day the merger was completed, Parekh called it "a sad day and a happy day," and added, "It's good for the institution."
