Ashiana Housing (AHL) and International Finance Corporation (IFC), a part of World Bank Group, have entered into an agreement to co-invest in upcoming affordable and middle income residential projects including in senior living projects.
The agreement envisages a total investment of Rs 150 crore on a project to project basis by IFC, representing 40% of the capital required by a project. The remaining 60% of the capital required, i.e. Rs 225 crore, will be contributed by AHL.
The investment of IFC will primarily be in the form of non-convertible debentures for identified projects with returns linked to project specific returns.
Ashiana Housing is a real estate development company. It is engaged in building residential and commercial projects. The firm also offers retirement resorts, group housing, hotels, retail and facility management.