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Kumar Urban raises Rs 300 cr from Altico Capital
Pune-based Kumar Urban Ltd (KUL) has raised Rs. 300 crore from Altico Capital for its residential township 'KUL Ecoloch', located near Hinjewadi, Pune. The funding proceeds shall be utilised towards refinancing the existing lenders and construction of the township.
"The project location, specifications, sales and construction progress, promoter resourcefulness as well as significant track record of the KUL Group in the Pune market were the key drivers for Altico Capital’s investment in the project," said Sanjay Grewal, CEO of Altico Capital.
KUL Ecoloch is a mid-segment project and total saleable area of more than 3 million sqft, located on the proposed link road between Hinjewadi and Baner.
"Through this transaction, Altico Capital has further strengthened its presence in the Pune market. In the last couple of months Altico has concluded several transactions in Pune including the Rs. 240 crore investment with Marvel Realtors for the construction of a portfolio of projects followed by a Rs. 180 crore transaction with Pharande for their L-Axis and Woodsville project on Spine Road," Grewal added.
Altico Capital is an NBFC, sponsored by Clearwater Capital, Abu Dhabi Investment Council and Varde Partners. It plans to deploy Rs. 3,000-4,000 crore on an annual basis into the residential and commercial real estate sectors across Tier-1 cities in India.