Altico commits $27m to Indian project

The Clearwater-backed lender has been targeting residential real estate projects in tier-one cities in India.

India’s non-banking financial company Altico Capital has committed INR1.8 billion ($27 million; €25 million) to a residential project in India.

The facility will be used for the construction of Project Zuri, a residential project in Thane developed by Sheth Group. The project has a development potential of 0.6 million sq ft and has received a good response in its recent pre-launch sales, according to Altico.

“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,” said Sanjay Grewal, chief executive officer at Altico Capital.

Sheth Group has delivered 1.5 million sq ft of residential projects in Thane and owns the retail mall Viviana Mall jointly with Singapore’s sovereign wealth fund GIC.

Altico has been actively lending to affordable residential projects in tier-one cities in India such as Mumbai, Bengaluru and Pune. Last year, it partnered with global alternatives investor KKR to invest INR4.35 billion in real estate developer SARE Homes’ township project. It plans to invest INR50 billion in residential real estate projects by March 2017 across the region.

Altico Capital is an NBFC sponsored by Clearwater Capital, Abu Dhabi Investment Council and Varde Partners.