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Altico Capital invests Rs180cr in Pharande Group’s mid-income projects in Pune
Altico Capital India Pvt. Ltd, the non-banking financial company of Asia-focused investor Clearwater Capital Partners LLC, has invested Rs.180 crore in Pune-based Pharande Group to part-refinance an existing loan and for project construction.
The investment has been made against two under-construction residential projects ‘L-Axis’ and ‘Woodsville-III’ in Pune.
Pharande Group has developed over 3 million sq.ft. in the past. The two projects in which Altico has invested are mid-income projects with two and three bedroom homes at a starting price of Rs.50-60 lakh.
"Both projects have reached an advanced level of construction and have witnessed good amount of sales," said Sanjay Grewal, chief executive officer, Altico Capital, which is also backed by Värde Partners, Inc. and Abu Dhabi Investment Council.
Earlier this year, Altico entered into a multi-project financing arrangement with Marvel Developers in Pune, inked a second transaction with Midcity Infrastructure Pvt. Ltd in Mumbai and financed Bengaluru-based Unishire Urbanscape Pvt. Ltd, against a portfolio of five projects.
"Pune is a key market for us. Earlier in the quarter, we had completed a Rs. 240 crore transaction with the Marvel Group. In addition to the Pharande transaction, we plan to deploy an incremental Rs. 400-500 crore in the next couple of months with developers focused on delivering mid-income and affordable residential projects," Grewal said.
Executives at Pharande Group couldn’t be immediately reached for comment.