Aditya Birla Real Estate’s wholly owned subsidiary -- Birla Estates (BEPL) has signed agreements for an investment from International Finance Corporation (IFC), a member of the World Bank Group. This investment underscores Birla Estates’ commitment to delivering sustainable and superior real estate developments across India.
The investment, approximately $50 million (Rs 420 crore), will be directed towards two of Birla Estates’ key developments: with approximately Rs 148 crore in Birla Estates’ Manjri project (Pune) having approximate 3.13 mn sq. ft saleable area and approximate Rs 272 crore in Birla Estates’ Thane project with approximate 6.43mn sq. ft saleable area.
The projects will be developed through two Special Purpose Vehicles (SPVs) owned and controlled by Birla Estates. IFC’s investment will be made into these SPVs, which will serve as the development platform for both projects. Under the structure, Birla Estates will hold a 56% economic interest, whereas IFC will hold a 44% economic interest in the SPVs.
Aditya Birla Real Estate (formerly Century Textiles and Industries) is principally engaged in manufacturing of Textiles, Cement, Pulp and Paper and Real estate.
