IIFL Finance invests in Wadhwa Group, Mumbai
An arm of financial services company India Infoline or IIFL, IIFL Finance, is investing Rs 150 crore in real estate developer Wadhwa Group’s township project in Navi Mumbai. Some of its clients are also investing together with IIFL Finance. The investment has been made by picking up non-convertible debentures from Mumbai-based Wadhwa group for the project. The project involves developing 1.2 million sq ft land for Bahrain-based Islamic investment bank Gulf Finance House.
A township project involves developing a 500-acre piece of land, which has already been acquired. This project is expected to be launched in a year or so, informs Srinivasan Gopalan, chief financial officer and chief operating officer, Wadhwa Group. The group is trying to raise more money.
Last year, the group raised Rs 350 crore from real estate fund of IIFL for its high-end residential project in Chembur in Mumbai.
Source: VC Circle
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