India: Real estate developer Sheth Corp raises $27m debt from Altico Capital

Mumbai-based developer Sheth Corp has raised Rs 180 crore ($27 million)  in long term-debt funding from Altico Capital, a non-banking financial company (NBFC), sponsored by Clearwater Capital, Abu Dhabi Investment Council and Varde Partners.

The funds raised will be mainly used for the construction of a residential project called “Project Zuri” in Thane in Mumbai, according to an official statement.

Founded in 1986, Sheth Developers Pvt. Ltd’s claims to have a portfolio of over 17,000 homes built, 60 projects and over 15 million square feet, developed and delivered.

The above mentioned project is part of the larger layout being developed by Sheth group in the areas, where it has already delivered over 1.5 million sq ft of residential projects and 1 million sq ft of retail mall “Vivana Mall” which is owned by the Group jointly with GIC of Singapore.

Mango Advisors LLP were the financial advisors to the transaction.

“We are very pleased to be associated with Sheth Corp which is promoted by Ashwin Sheth who is an established developer in Mumbai with over 12 m sft delivered across residential, commercial and residential assets,” Sanjay Grewal, CEO, Altico Capital.

Altico is active lender in real estate segment in India with plans deploy Rs 3,000-4,000 crore on an annual basis into the residential and commercial real estate sectors across Tier-1 cities in India. It recently announced that it will deploy around Rs 1,000-1,250 crores in the NCR market in the current financial year.

In December alone Altico announced its investment in at least four projects. Apart from a $59 million investment in two separate real estate projects in Noida and Pune, it  closed a deal worth Rs 700 crore ($103 million) with Vatika Group in Gurgaon. It also invested round Rs100 crore ($15 million) in a residential project of Mumbai-based Rajesh Lifespaces. In September, Altico also invested $75 million in three residential projects of Mumbai-based Nirmal Group.

Also Read:

India: Altico Capital invests $59m in two real estate projects

India: Realty firm Vatika Group raises $103m from Altico Capital

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.