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India: Altico Capital invests $67m in Supertech’s Noida project
Non-banking finance company Altico Capital has invested Rs 430 crore (S67.4 million) in Supertech Ltd, one of the largest realty groups in the NCR region.
The development comes a day after Altico announcing that it has invested Rs 1,250 crore (S195.7 million) across five realty deals in Hyderabad and Pune.
"This is Altico's first investment with the group and is largely towards the development of Supertech's Capetown project in Sector-74, Noida, which includes ORB and CapeLuxe Towers while a part of the funding shall be utilized for refinancing an existing lender. Supertech has delivered more than 40 million sq ft of residential and commercial projects," said Sanjay Grewal, CEO, Altico Capital.
Supertech group is currently developing multiple projects in NCR, ranging from affordable housing projects to ultra-luxury residential condominiums and villas as well as commercial and retail developments.
"This investment will enable us to deliver our projects in Sector 74 of Noida, with an aim to deliver ORB within 13 -24 months. At Supertech, we continuously strive to bring value for all our stakeholders. This partnership is in line with our vision to fulfill the commitment of delivering the best," said R.K. Arora, chairman, Supertech.
Altico Capital India Pvt. Ltd, the non-banking financial company of Asia-focused investor Clearwater Capital Partners Lk, has deployed more than Rs 3,500 crore across 100 projects covering more than 100 million sq ft area in seven cities. It is engaged in real estate asset-backed lending in the top tier cities in India including Mumbai, Delhi, Chennai, Bangalore and Pune.
For the half-year ended in September 2017, Altico Capital reported a 43 per cent on-year hike in net profit at Rs 173 crore. The company also increased its revenues by So per cent to Rs. 429 crore.