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Altico puts Rs 1,700cr in 6 Indian realty projects
New Delhi: NCR-based real estate major Supertech Group has raised Rs 450 crore from Abu Dhabi-based Altico Capital to complete its township project Capetown in Noida. Funding will help the group expedite construction of the project.
This is part of a Rs 1,700-crore investment that Altico has made in six real estate projects in the country. Besides Supertech, Altico invested Rs 500 crore in two deals with Hyderabad-based Phoenix group for construction and development of two IT SEZ projects, Rs 375 crore with Marvel group in Pune for a bouquet of projects, Rs 240 crore with Pharande group for development of township project and Rs 130 crore with Mumbai-based Jatia group for their residential project.
Non-banking finance company Altico Capital is promoted by Clearwater Capital, Abu Dhabi Investment Council and Varde Partners. Sanjay Grewal, CEO, Altico Capital said the NBFC would continue to focus on segments such as affordable and mid-income housing which make up more than 50% of its current portfolio.
Altico entered India three years ago and has deployed more than Rs 8,500 crore till now in over 100 projects in seven cities and continues to maintain a strong asset profile.
Altico's fund in Supertech will be used for the completion of Capetown's luxury phase in Sector 74 Noida, totalling around 2.3 million sq ft spread over seven residential towers, including ORB and CapeLuxe.
Supertech chairman R K Arora said, "The fund will enable us to deliver our projects including ORB in Sector 74 of Noida in 18-24 months.''