Abu Dhabi group invests in Hyderabad, Pune
Altico Capital, a non-banking finance company promoted by Clearwater Capital, Abu Dhabi Investment Council and Varde Partners, has invested Rs. 12.50 bn across five deals in Hyderabad and Pune. The NBFC invested Rs. 5bn across two deals with Hyderabad-based Phoenix…

Altico Capital, a non-banking finance company promoted by Clearwater Capital, Abu Dhabi Investment Council and Varde Partners, has invested Rs. 12.50 bn across five deals in Hyderabad and Pune.

The NBFC invested Rs. 5bn across two deals with Hyderabad-based Phoenix Group for construction and development of IT SEZ projects; Rs. 3.75 bn with Marvel Group in Pune for a bouquet of projects; Rs. 2.40 bn with Pharande Group for development of township project and Rs. 1.30 bn  with a Mumbai group for their residential project.

“Phoenix is an existing partner of Altico Capital. With this transaction, the cumulative amount sanctioned by Altico to the Phoenix Group has moved to Rs. 7.25 bn,” Sanjay Grewal, CEO, Altico Capital, said in a statement.

Altico had announced that it expects to deploy Rs. 30 bn  in the balance part of FY-18. Since inception, Altico has deployed more than Rs. 85 bn   across over 100 projects covering more than 100 million sq ft area in seven cities.

“We continue to maintain healthy asset quality of nil NPAs for the fifth consecutive year of our real estate lending business, even in an environment impacted by the temporary disruptions caused by otherwise stable government policies around demonetisation, RERA and GST, thereby demonstrating our high underwriting standards and superior asset management practices,” Grewal said.

 

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