NEW DELHI: Non-banking financial company (NBFC) Altico Capital today said it has infused Rs 180 crore in Mumbai-based realty developer Sheth Corp.
The money will be utilised predominantly for the construction of a residential project ‘Project Zuri’ in Thane.
The project has received a good response in its recent pre-launch sales which establishes the marketability of the product, Altico Capital said in a statement.
“Sheth Corp secured Rs 180 crore in long-term debt funding from Altico Capital,” it added.
Altico Capital is a NBFC sponsored by Clearwater Capital, Abu Dhabi Investment Council and Varde Partners. It has been a consistent lender to the real estate segment and plans to deploy Rs 3,000-4,000 crore on an annual basis into the residential and commercial real estate sectors across tier-I cities in India.
It has also recently announced that it will deploy about Rs 1,000-1,250 crore in the NCR market in the current financial year.