Aditya Birla Real Estate Secures Rs 420 Crore from World Bank-Backed IFC for Pune and Thane Projects
MUMBAI, June 9, 2025 / 18:00 IST
Birla Estates, a subsidiary of Aditya Birla Real Estate, has secured Rs 420 crore in equity funding for two of its projects located in Manjri, Pune, and Thane in the Mumbai Metropolitan Region. The funding comes from the International Finance Corporation (IFC), a part of the World Bank Group, as announced in a statement on June 9.
The funding from the World Bank Group lender will be allocated to the projects through two special purpose vehicles (SPVs). The Manjri project, situated on the southeastern outskirts of Pune, is expected to have a saleable area of around 3.1 million square feet. The Thane project, located on a plot purchased from the group firm Hindalco Industries, has a saleable area potential of 6.4 million square feet. Birla Estates will hold an economic interest of 56 percent in these SPVs, with IFC holding the remaining share.
KT Jithendran, Managing Director and CEO of Birla Estates, expressed his enthusiasm about the investment, stating, “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.”
IFC emphasized that the funding will help unlock more sustainable housing supply. Imad N. Fakhoury, Regional Director for South Asia at IFC, commented, “Our partnership with Birla Estates will bridge the gap in India’s housing sector by expanding the availability of and access to sustainable, high-quality housing for the country’s growing population, with a focus on first-time homeowners.”
Prior to this funding round with IFC, Birla Estates has collaborated with other entities such as the Japanese conglomerate Mitsubishi Group. Mitsubishi Estate invested Rs 560 crore in a similar, project-level equity funding for an upcoming housing development in Bengaluru, as part of a deal inked in January 2025.
On May 9, shares of Birla Estates' parent, Aditya Birla Real Estate, closed 4.6 percent higher at Rs 2,464.60 apiece on the National Stock Exchange.
Aditya Birla Real Estate is a leading player in the Indian real estate market, known for its commitment to sustainable and responsible development. The company's projects span across various segments, including residential, commercial, and industrial, and are designed to meet the evolving needs of the market and the environment.
