Birla Estates Secures Rs 420 Crore from IFC to Fund Two Major Projects in Mumbai and Pune

Mumbai, June 9 (PTI) Real estate company Birla Estates has raised Rs 420 crore from the International Finance Corporation (IFC) to finance two key projects in the Mumbai Metropolitan Region and Pune. This strategic investment underscores Birla Estates' commitment to sustainable and high-quality real estate development in some of India's most dynamic urban centers.

Birla Estates Pvt Ltd is a wholly-owned subsidiary of Aditya Birla Real Estate Ltd, which was formerly known as Century Textiles and Industries Ltd. In a regulatory filing on Monday, the company announced the signing of agreements for an investment from IFC, a member of the World Bank Group.

The investment, approximately USD 50 million (Rs 420 crore), will be directed towards two of Birla Estates’ key developments. Around Rs 148 crore will be allocated to the Manjri project in Pune, which has a saleable area of approximately 3.13 million square feet. The remaining Rs 272 crore will be invested in the Thane project, with a saleable area of about 6.43 million square feet.

The projects will be developed through two Special Purpose Vehicles (SPVs) owned and controlled by Birla Estates. IFC's investment will be made into these SPVs, which will serve as the development platform for both projects. Under the structure, Birla Estates will hold a 56 per cent economic interest, while IFC will hold a 44 per cent economic interest in the SPVs.

K T Jithendran, MD & CEO of Birla Estates, expressed enthusiasm about the IFC investment. He stated, “This investment from IFC will help us in our mission to reshape urban living through sustainable and high-quality real estate development. 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.”

Imad N Fakhoury, Regional Director for South Asia, IFC, emphasized the importance of the partnership. “Housing is a powerful driver of jobs, resilience, economic growth -- and a key priority for IFC. 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.”

Birla Estates has been expanding its presence in India's most sought-after real estate markets. In the last quarter of 2024-25, the company launched five projects across its key markets, including NCR, Bengaluru, and Pune. This ambitious expansion has resulted in the company's largest quarter sales, further solidifying its position in the Indian real estate sector.

The investment from IFC is a significant milestone for Birla Estates, providing the necessary financial and strategic support to continue its growth and contribute to the development of sustainable urban living solutions in India.