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Sheth Group raises Rs 180 Crore from Altico Capital
Mumbai-based developer Sheth Corp secured Rs 180 Crore in long term debt funding from Altico Capital. The money will be utilised predominantly for the construction of a residential project “Project Zuri” with a potential of 0.6 million sq ft in Thane. The project has received a very good response in its recent pre-launch sales which establishes the marketability of the product.
This Project is part of the larger layout being developed by Sheth group in Thane. At the location Sheth Corp has already delivered over 1.5 msft of residential projects and 1m sft of retail mall “Vivana Mall” which is owned by the Group jointly with GIC of Singapore. Mango Advisors LLP were the financial advisors to the transaction.
Sanjay Grewal, CEO, Altico Capital, said: “We are very pleased to be associated with Sheth Corp which is promoted by Ashwin Sheth who is an established developer in Mumbai with over 12 m sft delivered across residential, commercial and residential assets."
Altico Capital is a non-banking financial company (NBFC), sponsored by Clearwater Capital, Abu Dhabi Investment Council and Varde Partners. Altico has been a consistent lender to the real estate segment and plans to deploy Rs3,000-4,000 crore on an annual basis into the residential and commercial real estate sectors across Tier-1 cities in India. It has also recently announced that it will deploy appox. Rs1,000-1,250 crores in the NCR market in the current financial year.