IFC to invest Rs 324 crore in Altico Capital for affordable housing projects
28 Feb 2018
The International Finance Corporation (IFC) has plans of providing a debt financing of around Rs 324 crore to non-banking financial company Altico Capital India for their affordable housing projects. As reported, the proceeds will be used to finance residential housing development projects which meet the criteria of affordable housing under the Indian government’s Pradhan Mantri Awas Yojana (PMAY) – Housing for All (Urban) scheme.
IFC’s latest proposal reportedly follows a similar agreement of around Rs 485 crore through senior financing in L&T Housing Finance, a subsidiary of L&T Finance Holdings. The proceeds will be used to finance developers of affordable housing under PMAY. Reports indicate that IFC has been increasingly betting on the affordable housing space and has backed financial institutions that provide money to both, buyers and developers of affordable homes, and has also supported developers directly.
In teh past, IFC had also backed Ashiana Housing, Aspire Home Finance, Micro Housing Finance and Aptus Value Housing Finance.