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.