IFC Invests USD 50 Million in Two Major Projects by Birla Estates
Birla Estates (BEPL), a wholly owned subsidiary of Aditya Birla Real Estate (formerly Century Textiles and Industries), has announced a strategic partnership with the International Finance Corporation (IFC), a member of the World Bank Group. This partnership marks a significant milestone in Birla Estates' commitment to sustainable and high-quality real estate developments across India.
The investment, totaling approximately USD 50 million (Rs 420 crore), will be directed towards two major projects: the Manjri project in Pune and the Thane project. The Manjri project, located in Pune, will receive an investment of approximately Rs 148 crore and will have a saleable area of about 3.13 million square feet. The Thane project, on the other hand, will receive an investment of approximately Rs 272 crore and will have a saleable area of about 6.43 million square feet.
These 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% economic interest, while IFC will hold a 44% economic interest in the SPVs.
This investment underscores Birla Estates' commitment to delivering sustainable and superior real estate developments. The projects are expected to set new benchmarks in the Indian real estate market, focusing on eco-friendly and community-centric designs. The strategic partnership with IFC not only provides financial support but also brings international expertise and standards to the projects.
Birla Estates, a leading real estate developer in India, is known for its commitment to sustainability and innovation. The company has a strong track record of delivering high-quality residential and commercial projects across the country. This investment from IFC is a testament to Birla Estates' reputation and the potential of its projects.
IFC's investment in these projects aligns with its mission to promote sustainable and inclusive growth in developing countries. By supporting Birla Estates, IFC aims to contribute to the development of sustainable urban infrastructure and improve the quality of life for residents in these areas.
The Manjri project in Pune is strategically located and is expected to attract a significant number of homebuyers and investors. The project will feature modern amenities and sustainable design elements, making it an attractive option for those looking for high-quality living spaces. Similarly, the Thane project is poised to become a landmark development in the region, offering a blend of residential and commercial spaces with a focus on sustainability and community well-being.
Birla Estates and IFC are confident that this partnership will pave the way for more such collaborations in the future, further enhancing the real estate landscape in India and contributing to the country's economic growth.
