3 days ago
Birla Estates Secures USD 50 Million from IFC for Sustainable Housing Projects
This is not Birla Estates' first strategic international partnership. In January 2025, the company signed a project-level equity deal worth INR 560 crore with Japanese conglomerate Mitsubishi Group, through Mitsubishi Estate, for a residential development in Bengaluru
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Birla Estates, a wholly-owned subsidiary of Aditya Birla Real Estate, has secured an equity investment of approximately INR 420 crore (USD 50 million) from the International Finance Corporation (IFC), part of the World Bank Group, for two of its residential projects in Pune and Thane. The investment was announced via an official statement on 9 June.
The funding will be channelled through two special purpose vehicles (SPVs) established specifically for the projects. IFC will invest around INR 148 crore in the Manjri project on the south-eastern outskirts of Pune, which is expected to offer a saleable area of roughly 3.13 million square feet. An additional INR 272 crore will be allocated to the Thane project, which has a larger saleable area of approximately 6.43 million square feet. The Thane land parcel was previously acquired from Hindalco Industries, another group company under the Aditya Birla Group.
Birla Estates will retain a 56 per cent economic interest in each SPV, while IFC will hold the remaining share.
"This investment validates our development philosophy and strengthens our ability to scale responsibly. With IFC's global expertise in sustainable investments and our deep-rooted market insights, we aim to set new benchmarks in Indian real estate," said KT Jithendran, Managing Director and CEO, Birla Estates.
IFC emphasised the significance of the investment in addressing India's urban housing challenge.
"Our partnership with Birla Estates will bridge the gap in India's housing sector by expanding availability of and access to sustainable, high-quality housing for the country's growing population, with a focus on first-time homeowners," said Imad N Fakhoury, Regional Director for South Asia at IFC.
This is not Birla Estates' first strategic international partnership. In January 2025, the company signed a project-level equity deal worth INR 560 crore with Japanese conglomerate Mitsubishi Group, through Mitsubishi Estate, for a residential development in Bengaluru.
