Altico Capital invests Rs 575 crore in real estate sector

April 07, 2016

Altico Capital India, a company that lends to leading real estate developers, closed three transactions last week aggregating over ₹575 crore for projects in Mumbai, Pune and Bengaluru.

Altico Capital CEO Sanjay Grewal said: "Altico continues to focus on its core strategy and looks to build a stable business deploying ₹2,500 crore in Tier 1 cities each year. We expect to close out similar amounts of disbursements of around ₹600 crore in this upcoming quarter."

In Pune, Altico has entered into a multi-project financing arrangement with Marvel Developers, it said in a statement

Its second transaction is with Midcity group, which has brownfield projects in prominent locations in Mumbai. In Bengaluru, following its transactions with Century and Skylark earlier this year, it is financing Unishire against a portfolio of five projects.

Altico now has a net worth over ₹2,000 crore and the asset quality remains in good health as it has zero NPAs and zero restructured assets, Grewal said. Going forward, it plans to gradually expand within its areas of expertise. "This year we expanded our footprint from Mumbai, NCR and Chennai to Bengaluru and Pune. Next year, we may add another city. Outside of the core strategy, we will look to deploy incremental capital in the commercial RE and infrastructure sectors should the right opportunities present themselves."

The Altico Capital board has approved raising of funds up to ₹2,000 crore through a mix of instruments and funding sources including bank lines, commercial paper and NCDs to support the asset growth plans.

"Outside of the core strategy, we will look to deploy incremental capital in the commercial real estate and infrastructure sectors should the right opportunities present themselves," he said.

Altico Capital India Pvt Ltd is a non-banking financial company backed by Clearwater Capital Partners, Varde Partners and Abu Dhabi Investment Council.

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